![\"Provident](\"https:\/\/c.ndtvimg.com\/2021-08\/rju8gp38_epfo_625x300_17_August_21.jpg?im=FaceCrop,algorithm=dnn,width=650,height=400\"\/ "\\"Provident")
<\/div>\nThe interest rate on the deposits for 2022-23 will be sent to Ministry of Finance for concurrence. (File)<\/p>\n<\/div>\n
New Delhi: <\/b><\/p>\n
Retirement fund body EPFO (Employees’ Provident Fund Organisation) fixed\u00a08.15\u00a0per cent\u00a0\u00a0rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its meeting today.<\/p>\n
In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21.<\/p>\n
This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.<\/p>\n
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, the Ministry of Labour and\u00a0Employment\u00a0said.<\/p>\n
The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.<\/p>\n
After the CBT’s decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence.<\/p>\n
After the government’s ratification, the interest rate on EPF\u00a0for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.<\/p>\n
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The rate of interest was 8.25 per cent in 2011-12.\u00a0<\/p>\n
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n<\/div>\n