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

The government has ratified the rate of interest at 8.15 per cent rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23.

Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund (EPF) deposits to 8.15 per cent 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 per cent 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.

Now the EPFO field offices will start the process of crediting the interest into subscribers' accounts.

In March 2022, Employees' Provident Fund Organisation (EPFO) had reduced the interest rate on EPF deposits for 2021-22 to a four-decade low of 8.10 per cent from 8.5 per cent in 2020-21.

This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.