The 8.5% interest rate on EPF deposits for 2020-21 was determined by the CBT in March 2021. File
The retirement fund physique EPFO is likely to announce the rate of interest on workers’ provident fund (EPF) deposits for 2022-23 at its two-day assembly starting Monday.
EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about 5 crore subscribers, from 8.5% in 2020-21 in March 2022.
This was the bottom since 1977-78, when the EPF interest rate stood at 8%.
“The Employees’ Provident Fund Organisation’s [EPFO’s] apex decision-making body Central Board of Trustees [CBT] is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon,” a supply stated.
Besides interest rate, the CBT may also focus on the annual accounts of the EPFO for 2022-23.
The trustees may also deliberate on the motion taken by the EPFO on the Supreme Court order for giving a four-month window to Employees’ Pension Scheme 1995 subscribers to choose for larger pension.
The EPFO has offered the ability to choose for larger pension to its subscribers until May 3, 2023.
The 8.5% interest rate on EPF deposits for 2020-21 was determined by the CBT in March 2021.
After the CBT choice, the interest rate on EPF deposits for 2022-23 will likely be despatched to the Ministry of Finance for concurrence.
EPFO gives the rate of interest solely after it’s ratified by the federal government by the finance ministry.
In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, from 8.65% offered for 2018-19.
EPFO had offered 8.65% interest rate to its subscribers in 2016-17 and eight.55% in 2017-18. The rate of interest was barely larger at 8.8% in 2015-16.
The retirement fund physique had given 8.75% rate of interest in 2013-14 in addition to 2014-15, larger than 8.5% for 2012-13.
