According to a press release issued today, the Employees Provident Fund Organization (EPFO) has set the interest rate for the fiscal year 2022–2023 at 8.15%. For the fiscal year 2022–2023, the Central Board suggested crediting EPF accumulations in members' accounts at an annual rate of interest of 8.15%. According to the press release, the interest rate will be officially announced in the government gazette following Ministry of Finance clearance, at which EPFO would credit the interest rate to the accounts of its subscribers.
The interest rate on EPF accounts has increased by 0.05%. For FY 2021–2022, the interest rate for EPF accounts was 8.10% the previous year.
The Central Board of Trustees (CBT) sets the interest rate; the finance minister is required to notify it before the interest rate comes into effect. Only then will EPFO begin crediting the interest rate to the EPF accounts after the interest rate is announced. This announced interest rate will also apply to deposits made to Voluntary Provident Funds (VPF). This interest rate on EPF deposits will also be paid to employees whose EPF accounts are with the exempted trust.
As per the press release, "The recommended rate of interest of 8.15% safeguards the surplus, as well as guarantees, increase income to members. In fact, the rate of interest at 8.15 % and the surplus of 663.91 Crores is higher than the last year."
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