PF Interest Rate: This decision of EPFO will directly benefit the employed. EPFO’s board CBT has increased the interest on PF amount from 8.10% to 8.15%. The new rates are for the financial year 2022-23. Let’s know about it in detail.
If you work in private sector and your company deducts PF from salary, then this news will make you happy. In the two-day meeting of the Employees’ Provident Fund Organization (EPFO), it was decided to increase the interest on PF.
This decision of EPFO will directly benefit the employed. EPFO’s board CBT has increased the interest on PF amount from 8.10% to 8.15%. The new rates are for the financial year 2022-23.
More than five crore subscribers of EPFO
With this decision of EPFO, you will get more interest money. The new interest rates are lower than in the financial year 2018-19. At that time EPF subscribers used to get interest at the rate of 8.55%.
Earlier in March 2022, EPFO had fixed the lowest interest rate of 8.1 percent in 40 years. More than five crore subscribers were shocked by this. This interest rate was the lowest after 1977-78, when the EPF interest rate was 8 percent.
EPF will get interest at the rate of 8.15 percent
A source said that the Central Board of Trustees (CBT), the apex body of the Employees’ Provident Fund Organization (EPFO), in its meeting has decided to pay interest on EPF at the rate of 8.15 per cent for 2022-23. In March 2021, the interest rate of 8.5 percent was fixed for the financial year 2020-21 by the CBT.
Increased money will come in customers’ account
After the decision of the CBT, the interest rate fixed on EPF deposits for 2022-23 will be sent to the Finance Ministry for concurrence. After getting the green signal from the government, the EPF interest rate for 2022-23 will be deposited in the accounts of more than five crore subscribers of EPFO.
Let us tell you that only after confirmation from the Ministry of Finance, the benefit of the new interest rate is given to the subscribers by the EPFO. In March 2020, EPFO had reduced the interest rate on deposits in EPF to a 7-year low of 8.5 per cent for 2019-20. 8.65 per cent was provided for 2018-19.
