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Compensation & Benefits / Statutory Compliance

EPFO Fixes 8.15% Interest Rate On EPF For 2022-23

EPFO fixes 8.15% interest rate on EPF for 2022-23

Retirement body employee provident fund organisation (EPFO) on Tuesday fixed 8.15% interest rate on the employees’ provident fund for 2022-23.

The decision was taken by EPFO’s board of trustees.

Last year, EPFO declared 8.1 per cent as the rate of interest for 2021-22, which was the lowest in 40 years.

The last time the interest rate had slipped to 8 per cent was in 1977-78.

Subsequent to the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent for the finance ministry’s approval.

In March 2020, EPFO lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.

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