EPF Rate For FY23: In the meeting of the Central Board of Trustees on March 28, 2023, it was decided to give 8.15 percent on EPF for 2022-23.
EPFO News: There is good news for more than 5 crore EPF account holders (EPF Subscribers). The way has been cleared for getting the interest amount for the financial year 2022-23 on their hard earned money deposited in the EPF corpus. The Central Government has put its stamp on paying 8.15 percent interest on the EPF fixed for the financial year 2022-23.
EPFO issued circular
The central government has approved 8.15 percent EPF rate for the financial year 2022-23. EPFO has written a letter to the in-charge of all zonal offices, informing them that the Ministry of Labor and Employment, Government of India has informed that the Central Government has approved the credit of 8.15% interest in the EPF of all EPF account holders for 2022-23. EPFO has asked the in-charge of zonal offices and officers-in-charge of regional offices to issue necessary orders for crediting the interest amount to the accounts of EPF members after getting this approval.
In fact, on March 28, 2023, in the meeting of the Central Board of Trustees ie CBT, the EPF rate was fixed at 8.15 percent for the financial year 2022-23. Then it was said that after getting approval from the Ministry of Finance, it will be notified through gazette notification, after which the interest amount will be transferred to the EPF account of the EPF account holders.
After this decision of the EPF Board, Rs 11 lakh crore will be credited as interest amount in the account of Rs 90,000 crore on the principal amount deposited in EPF. Whereas in 2021-22, Rs 77,424.84 crore was transferred to the account of EPF account holders as interest amount on the principal amount of Rs 9.56 lakh crore. In the financial year 2021-22, it was decided to pay 8.10 percent interest on EPF, which was also severely criticized.
