Recently, The Central Government has ratified the interest rate of employees’ provident fund (EPF) subscribers to 8.15% which will cover over 6 crore subscribers.
The circular said, “The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest@ 8.15 % for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952.”
“You are accordingly, requested to issue necessary instructions to all concerned for crediting the said interest to the members’ accounts,” the circular added.
Earlier, In March it was said, The Employees’ Provident Fund Organisation (EPFO) will only be providing the rate of interest only after it is ratified by the government through the finance ministry.
After the government’s ratification, the interest rate for 2022-23 will be credited to the EPFO subscriber’s account.
The current financial year 2022-23, marginally higher than 8.1 per cent for the previous year. However, Employees’ Provident Fund Organisation (EPFO) rate continues to be among the highest when compared with other savings instruments, with small savings rates.
The details of 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. The EPF interest rate provided for 2019-20 was the lowest since 2012-13 when it was brought down to 8.5 percent.
The last interest rate was 8.5 percent in 2020-21. The details of 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.
The EPF interest rate provided for 2019-20 was the lowest since 2012-13 when it was brought down to 8.5 percent
