EPFO Recommends 8.15% Interest Rate For EPF Subscribers For FY22-23
The Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO) on Tuesday recommended 8.15 per cent annual rate of interest to be credited on EPF accumulations in members’ accounts for FY2022-23.
The interest rate has been recommended for an increase of 0.05 per cent for Provident Fund deposits.
The interest rate would be officially notified in the government gazette after approval of Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts.
“The CBT recommended the amount balancing both the growth and surplus fund to have safeguards. The recommended rate of interest of 8.15 per cent safeguards the surplus as well as guarantees increase income to members. In fact, the rate of interest at 8.15 per cent and the surplus of Rs 663.91 crore is higher than the last year,” according to a release.
CBT’s recommendation involves distribution of more than Rs 90,000 crore in the members’ account on the total principal amount of about Rs 11 lakh crore which was Rs 77,424.84 crore and Rs 9.56 lakh crore respectively in the FY2021-22.
The total income recommended for being distributed is highest till date.
The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to last financial year 2021-22.
