The Employees Provident Fund Organisation (EPFO) has fixed an 8.15% interest rate on employees’ provident funds for 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.
According to reports, The EPFO decision-making body Central Board of Trustees (CBT) has decided to provide an 8.15 percent rate of interest on EPF for 2022-23. The meeting was held on Tuesday
Additionally, after the CBT’s decision the interest rate on EPF deposits for 2022-23 is sent to the Ministry of Finance for concurrence.
The EPFO only provides 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 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
EPFO Higher Pension
As many as 1,20,279 persons have applied online to opt for a higher pension under the Employees’ Pension Scheme 1995 (EPS-95) till March 9, 2023.
The EPFO updated the link on the EPFO website saying, “Joint options under erstwhile para 11 (3) and para 11 (4) of EPS 1995 on or before 3rd May 2023.”
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 last date for availing of the option of a higher pension is May 3, 2023. To redirect and visit the page Click Here.
