EPFO announces interest rate for EPF accounts
The Employees Provident Fund Organisation (EPFO) has declared an interest rate of 8.15% for EPF accounts for the financial year 2022-23. The announcement was made in a circular issued by the EPFO on July 24, 2023.
Circular states approval by Central Government
The circular issued by the EPFO stated that the interest rate of 8.15% was approved by the Central Government under para 60(1) of the Employees’ Provident Fund Scheme, 1952.
Interest rate raised from previous year
The EPFO had previously raised the interest rate on EPF deposits to 8.15% for 2022-23 on March 28, 2023. This increase was made for the over six crore subscribers of the EPFO.
EPFO orders crediting of interest into members’ accounts
As per an official order issued on Monday, the EPFO has instructed the filed offices to credit the interest at 8.15% on EPF for 2022-23 into the accounts of its members.
Finance Ministry’s concurrence with EPF rate of interest
The order for crediting the interest came after the finance ministry’s concurrence to the EPF rate of interest approved by the EPFO trustees earlier in March this year.
Lowest interest rate since 1977-78
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% in 2020-21. This was the lowest interest rate since 1977-78 when the EPF interest rate stood at 8%.
- The Employees Provident Fund Organisation (EPFO) has announced an interest rate of 8.15% for EPF accounts for the financial year 2022-23.
- The interest rate was approved by the Central Government under para 60(1) of the Employees’ Provident Fund Scheme, 1952.
- The EPFO had previously raised the interest rate on EPF deposits to 8.15% for 2022-23.
- The EPFO has ordered the crediting of the interest at 8.15% into the accounts of its members.
- The finance ministry has concurred with the EPF rate of interest approved by the EPFO trustees.
- The EPF interest rate for 2021-22 was reduced to a four-decade low of 8.10%.
- This is the lowest interest rate since 1977-78 when the EPF interest rate stood at 8%.
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com
