Good news for employees, increase in EPFO interest rates!
Retirement body employee provident fund organisation (EPFO) on Tuesday fixed 8.15 per cent interest rate on the employees' provident fund for 2022-23.
New Delhi: Retirement body employee provident fund organisation (EPFO) on Tuesday fixed 8.15 per cent interest rate on the employees’ provident fund for 2022-23.
The decision was taken by EPFO’s board of trustees.
Last year, EPFO had declared 8.1 per cent as the rate of interest for 2021-22, which was the lowest in 40 years.
The last time the interest rate had slipped to 8 per cent was in 1977-78.
Subsequent to the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent for the finance ministry’s approval.
In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.
(IANS)
Ms Kalinga