EPF Interest Rate hike: Employees Provident Fund (EPF) 2022-2023 Interest Rate. Employees Provident Fund Organisation (EPFO) will publish the Provident Fund Interest Rate for Fiscal Year 2022-23. According to PTI, the EPFO Board has set an interest rate of 8.15% on Employees’ Provident Fund deposits for 2022-23.
The EPFO’s Central Board of Trustees (CBT) meeting, which began on Monday, was expected to make a decision on the EPF interest rate (March 27).
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According to a press release issued today, the Employees Provident Fund Organisation (EPFO) has set the interest rate for the fiscal year 2022-23 at 8.15%. For the fiscal year 2022-23, the Central Board recommended an annual rate of interest of 8.15% on EPF accumulations in members’ accounts. Following approval by the Ministry of Finance, the interest rate would be officially notified in the government gazette, and EPFO would credit the rate of interest into the accounts of its subscribers.
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EPFO decides the rate of interest EPF for FY23. The rate of interest on EPF would be 8.15% for FY23. The labour ministry will send the proposal to the finance ministry for approval. pic.twitter.com/tPBqLgVTXm
— ANI (@ANI) March 28, 2023
It should be noted that once the Central Board of Trustees (CBT) has set the interest rate, the finance ministry is supposed to notify it for the rate to take effect. Only after the interest rate is announced will EPFO begin crediting the interest rate to EPF accounts. This announced interest rate will also apply to Voluntary Provident Fund (VPF) deposits. Employees whose EPF accounts are held by the exempted trust will also benefit from this interest rate on their EPF deposits.
EPF Interest Rate: 5 Things You Need to Know About
The EPFO, the retirement fund body, set an 8.15 percent interest rate on EPF deposits for 2022-23 at its meeting on Tuesday, according to the report.
EPFO reduced the interest rate on EPF for 2021-22 to 8.1 percent in March 2022, a four-decade low.
“At its meeting on Tuesday, the Employees’ Provident Fund Organisation’s apex decision-making body Central Board of Trustees (CBT) decided to provide 8.15 percent rate of interest on EPF for 2022-23,” news agency PTI quoted a source as saying.
EPFO: How can EPS members apply for a higher pension?
EPS members who contributed salary in excess of the then-prevailing wage ceiling of 5,000 or 6,500.
Members who exercised a joint option under the pre-amendment scheme’s Employees’
Pension Scheme (EPS) while members of EPS-95.
EPFO rejected members who exercised such an option
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