EPFO: At its meeting today, the workers’ provident fund organisation, or EPFO, set the 8.15 percent rate of interest on EPF deposits for the years 2022–2023. For its approximately five crore subscribers, EPFO reduced the interest on EPF for 2021–2022 to an over four–decade low of 8.1% in March 2022, from 8.5% in 2020–2021. The EPF interest rate hadn’t been this low since 1977–1978, when it was 8%.
CBT voted in March 2021 to set the interest rate on EPF deposits year 2020–21 at 8.5%
The Central Board of Trustees (CBT), the highest decision-making body of the Workers’ Provident Fund Organization, determined at its meeting on Tuesday to offer an interest rate of 8.15 percent on EPF for the years 2022–2023. CBT voted in March 2021 to set the interest rate on EPF deposits year 2020–21 at 8.5%. The interest rate on EPF deposits for 2022–2023 will be sent to the Ministry of Finance for approval following the CBT’s decision. The interest rate on EPF for 2022–2023 will be credited into the accounts of more than five crore EPFO subscribers following government approval.
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In 2011–12, the interest rate was 8.25 percent
Only once it has been approved by the government through the finance ministry does EPFO provide the interest rate. The interest rate on provident fund deposits was reduced by EPFO in March 2020 from 8.65 percent for 2018–19 to a seven-year low of 8.5 percent for 2019–20. In 2016–17 and 2017–18, EPFO offered its customers an interest rate of 8.55% and 8.65%, respectively. Interest rates were marginally higher in 2015–16, at 8.8%. The retirement fund body offered an interest rate of 8.75 percent in 2013–14 and 2014–15, up from 8.5 percent in 2012–13. In 2011–12, the interest rate was 8.25 percent.
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