EPFO: EPF interest rate expected to be around 8% for 2022-23

EPFO: EPF rate expected to be around 8% for 2022-23
The reports of ET suggest that the meeting is scheduled on March 25-26. The meeting will be discussing on determining the interest for the year 2022-23.

According to Economic times reports, EPFO’s Central Board of Trustees can keep the interest rate at 8% likely for 2022-23.

The EPFO trustees meeting is scheduled on March 25-26, they will be discussing and determining the interest rate for the year 2022-23.

Earlier, in the year 2021-22, the EPFO had reduced the interest rate to 8.10% and this was the lowest interest rate ever since 1977-78.

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.

For the current year 2022-23, the EPFO interest rate will be around the current interest rate of 8.1 percent or reduced to 8 percent.

According to the ET reports, an official said, “The Central government is unlikely to go for any major tweaking in the interest rates as it heads into key state assembly elections this year followed by general elections next year.”  

Recently, EPFO has released a circular for eligible employees to opt for a higher pension under Employees Pension Scheme (EPS-95).

The earlier last date to apply for the provision of a higher pension was March 3, 2023. Now, EPFO has extended the last day to opt for a higher pension by 60 days.

The EPFO updated the same on the EPFO website saying, “Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 for employees who were in service prior to 1st September 2014 and continued to the in service on or after 01.09.2014 but could not exercise joint option under erstwhile provision to para 11 (3) of EPS 1995 to be exercised on or before 3rd May 2023.”

The EPFO unified members’ portal has been activated recently. It also shows clearly that the last date for availing of the option of a higher pension is May 3, 2023. To redirect and visit the page Click Here.


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