Centre informs 8.15% rate of interest for FY23 under EPF scheme
The Centre informed an 8.15% annual rate of interest on deposits according to the Employees Provident Fund (EPF) scheme for the financial year 2022-23, following the suggestions of the Central Board Trustees (CBT) of EPF.
In March, the Employees' Provident Fund Organization (EPFO) had raised the interest rate on EPF deposits to 8.15% for 2022-23 for its over six crore subscribers. The labour ministry has conveyed the approval of the central government to credit interest at 8.15% per year for 2022-23 to every member of the EPF scheme, according to a circular from the EPFO.
In 2021-22, the government had notified an 8.10% annual rate of interest for EPF accumulations, down from 8.50% in 2020-21. The labor ministry circular also issued necessary instructions to concerned authorities for crediting the interest in the accounts of EPF members.
