In a recent circular, the Employees’ Provident Fund Organisation (EPFO) has officially announced an interest rate of 8.15% for Employees’ Provident Fund (EPF) accounts in the financial year 2022-23.
The decision to increase the interest rate to 8.15% was made following a recommendation from the Central Board of Trustees (CBT) of the EPFO. The Ministry of Labour and Employment, Government of India, granted approval under para 60(1) of the Employees’ Provident Fund Scheme, 1952, ensuring each member of the EPF Scheme would receive this enhanced interest rate.
The EPFO has taken a step to help millions of EPF account holders in the country. They sent an official circular to all field offices, instructing them to add 8.15% interest directly to the accounts of subscribers for the financial year 2022-23. This will be a big boost to the savings and financial security of employees who have been regularly contributing to their EPF accounts.
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With the official order now in place, EPFO field offices are promptly initiating the process of crediting the interest to the respective subscribers’ accounts. This development comes as welcome news for individuals, offering them an enhanced opportunity to build a stronger financial future through their EPF contributions .