EPFO hikes interest rate on employees’ provident fund to 8.15% for 2022-23

EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers

PGurus Newsdesk

March 28, 2023

EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers

PF interest alert: EPFO fixes an 8.15% interest rate on provident fund

In its meeting on Tuesday, the retirement body Employees’ Provident Fund Organisation (EPFO) fixed an 8.15 percent interest rate on the employees’ provident fund for 2022-23. The decision was taken by EPFO’s board of trustees.

Last year, EPFO declared 8.1 percent as the interest rate for 2021-22, the lowest in 40 years. The last time the interest rate had slipped to 8 percent was in 1977-78.

EPFO provides the interest rate only after it is ratified by the government through the Finance Ministry.

In March 2020, EPFO lowered the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent provided for 2018-19.

[With Inputs from IANS]

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