The government on Monday cleared the interest rate for Employees’ Provident Fund (EPF) accounts for the financial year 2022-23 on Monday.

The interest rate for Employees’ Provident Fund (EPF) accounts for the fiscal year 2022–2023 was approved by the government on Monday.

EPF
According to a circular issued by the retirement organization Employees Provident Fund Organisation on July 24, 2023, the announced interest rate is 8.15 percent. It has instructed all filing offices to credit the interest rate for the fiscal year 2022–2023 at a rate of 8.15 percent into the corresponding accounts of its members.

More about EPF

According to the guidelines in Paragraph 60 of the Employees’ Provident Fund Scheme, 1952, the Ministry of Labour and Employment, Government of India, has received permission from the Central Government to credit interest at 8.15% for the fiscal year 2022–2023 to the accounts of each member of this Scheme. In order to credit the aforementioned interest to the members’ accounts, you are thus instructed to give the appropriate instructions to all parties involved, according to the circular.

The directive was issued following approval of the EPF rate of interest by the trustees in March of this year by the finance minister. According to the circular, the field offices will begin the process of crediting the interest to the accounts of the subscribers.

EPFO

Since 1977–1978, when the interest rate was 8%, this was the lowest interest rate ever observed.
A crucial social security and retirement benefit program, the EPFO-managed EPF programme strives to give workers financial stability after retirement.

An employee makes a monthly payment to their account equal to 12% of their salary, with the whole amount going to the EPF account. Employer contributions to the account total just 3.67 percent, with the remaining 8.33 percent going to the Employees Pension Scheme (EPS).

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