The EPFO has offered the power to go for increased pension to its subscribers until May 3, 2023.
EPFO had lowered the curiosity on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about 5 crore subscribers.
The Employees’ Provident Fund Organisation (EPFO) has fastened 8.15% rate of interest on Employees’ Provident Fund for the monetary 12 months 2022-23.
The retirement fund physique EPFO made the announcement of the speed of curiosity on workers’ provident fund (EPF) deposits for 2022-23 at its assembly on Tuesday.
“The Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday,” information company PTI quoted a supply as saying.
EPFO had lowered the curiosity on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about 5 crore subscribers, from 8.5 per cent in 2020-21 in March 2022.
This was the bottom since 1977-78, when the EPF rate of interest stood at 8 per cent.
The 8.5 per cent rate of interest on EPF deposits for 2020-21 was determined by CBT in March 2021.
Moreover, after the CBT’s determination, the rate of interest on EPF deposits for 2022-23 will probably be despatched to Ministry of Finance for concurrence.
After the federal government’s ratification, the rate of interest on EPF for 2022-23 will probably be credited into accounts of over 5 crore subscribers of EPFO.
EPFO supplies the speed of curiosity solely after it’s ratified by the federal government by way of the finance ministry.
In March 2020, EPFO had lowered the rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent offered for 2018-19.
EPFO had offered 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18. The charge of curiosity was barely increased at 8.8 per cent in 2015-16.
The retirement fund physique had given 8.75 per cent charge of curiosity in 2013-14 in addition to 2014-15, increased than 8.5 per cent for 2012-13.
The charge of curiosity was 8.25 per cent in 2011-12.
(With PTI inputs)
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