EPFO interest rate raised to 8.15 pc
The apex decision making body of EPFO, Central Board Trustees (CBT) headed by Union Labour Minister Bhupender Yadav, recommended 8.15 per cent annual rate of interest to be credited on EPF accumulations in members' accounts for financial year 2022-23, a labour ministry statement said. The interest rate would be officially notified in the government gazette after approval of Ministry of Finance, following which EPFO would credit the rate of interest into subscribers' accounts, it said. The recommended rate of interest of 8.15 per cent safeguards the surplus as well as guarantees increased income to members, it stated adding that in fact, this rate of interest and the surplus of Rs 663.91 crore are higher than the last year's. According to EPFO's income projection, the body would have had a surplus of Rs 112.78 crore on providing 8.20 per cent interest rate on EPF for 2022-23. There would have been a deficit of Rs 438.34 crore on providing 8.25 per cent rate of interest.