Finance Ministry: Govt ratifies 8.15% interest rate on Employees Provident Fund for 2022-23

NEW DELHI: The Employees Provident Fund Organisation (EPFO) on Monday announced an interest rate of 8.15% for Employees’ Provident Fund (EPF) accounts for the financial year 2022-23.

The announcement was made in a circular issued by the EPFO on July 24, 2023. The circular stated that the interest rate was approved by the Central Government under para 60(1) of the Employees’ Provident Fund Scheme, 1952.
Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on EPF deposits to 8.15% for 2022-23 for its over six crore subscribers.

As per an official order issued on Monday, the EPFO has asked the filed offices for crediting the interest at 8.15% on EPF for 2022-23 into the accounts of members.
The order came after the finance ministry‘s concurrence to the EPF rate of interest approved by EPFO trustees earlier in March this year.
In March 2022, the EPFO had reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10% from 8.5 per cent in 2020-21.
This was the lowest since 1977-78, when the EPF interest rate stood at 8%.
(With inputs from PTI)