EPFO Board Meeting Outcome: EPFO Fixes 8.15% Interest Rate On Employees' Provident Fund For 2022-23

In a two day meeting of Central Board of Trustees held on March 27-28, the decision to fix the interest rate to 8.15% on employees' provident fund for 2022-23 was taken, as per the sources quoted by news agency PTI. On the first day of the meeting, the Employees' Pension Scheme was discussed.

The decision on the EPF interest rate was expected to be taken during the ongoing meeting of EPFO's Central Board of Trustees (CBT), which started on Monday (March 27). It was earlier expected that it would be around 8%.

Last year in March 2022 the CBT decided to lower the interest rate to 8.1 per cent, to a four-decade low which was later ratified by the finance ministry in June 2022.

"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," news agency PTI quoted a source as saying.

With inputs from PTI, After the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent to the Ministry of Finance for concurrence. EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.

In March 2020, EPFO had 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. EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.