Interest rate on provident fund raised to 8.15℅ for 2022-23
Good news from EPF: EPFO deposits after CBT's decision Interest rate on EPFO deposits for 2022-23 will be sent to Finance Ministry for concurrence after CBT's decision.
Manika Raghuvanshi 
After getting approval from the government, the interest on deposits in EPFO for the year 2022-23 will be deposited in the accounts of more than five crore consumers.
Employees' Provident Fund Organization (EPFO) in its meeting on Tuesday has fixed the interest rate of 8.15 percent for 2022-23 on Employees' Provident Fund (EPF). In March 2022, the EPFO had reduced the interest rate on EPF for 2021-22 to a four-decade low of 8.1 per cent for its nearly five crore subscribers. It was 8.5 percent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate was 8 per cent.
EPFO's Central Board of Trustees decided to increase interest rates
The Central Board of Trustees (CBT), the apex decision-making body of the Employees' Provident Fund Organization (EPFO), in its meeting on Tuesday, has decided to provide 8.15 per cent interest on EPF for 2022-23. The CBT had decided in March 2021 on the 8.5 percent interest rate on EPF deposits for 2020-21.
How much interest did EPFO give to the subscribers in the previous years?
The EPFO had in March 2020 reduced 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 for 2018-19. EPFO gave 8.65 per cent interest to its shareholders in 2016-17 and 8.55 per cent in 2017-18. In 2015-16, the interest rate was 8.8 percent. EPFO paid 8.75 per cent interest in 2013-14 and 2014-15, which was higher than 8.5 per cent in 2012-13. In 2011-12, the interest rate was 8.25 percent.
Interest will be deposited in the accounts after getting approval from the government
EPF deposits after CBT's decision After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to the Finance Ministry for concurrence. After getting approval from the government, the interest on deposits in EPFO for the year 2022-23 will be deposited in the accounts of more than five crore consumers.
How is EPFO interest determined?
Employees' Provident Fund Organization (EPFO) invests the money deposited in Provident Fund accounts in many places. He gives a part of the earnings from this investment to the consumer in the form of interest. EPFO invests 85% of its total investment in debt options.
Government securities and bonds come under this. About Rs 36,000 crore is invested in this item. The remaining 15% is invested in equity shares. PF interest is determined on the basis of earnings on these investments.
