EPFO: You can again get 8 percent interest on your Provident Fund (PF). An ET report states that the government may keep the interest rate on PF deposits at around 8 per cent for the financial year 2022-23.
EPFO: You can again get 8 percent interest on your Provident Fund (PF). An ET report states that the government may keep the interest rate on PF deposits around 8 per cent for the financial year 2022-23, which is almost equal to the previous financial year.
According to media reports, work is being done on the earnings of the Employees’ Provident Fund Organization. This time, considering the high return on investment, the interest on EPF can be fixed at 8 percent.
Meeting may be held at the end of February
The Central Board of Trustees (CBT) of EPFO is expected to meet at the end of this month or in early March. It is expected that a decision can be taken on the interest on PF in this meeting. In the meeting, recommendations will be made on the basis of the report of the Finance, Investment and Audit Committee based on the earnings of 2022-23.
CBT is a tripartite body of EPFO consisting of representatives of Government, Employees and Employers. It is necessary for EPFO to accept the decision of CBT. It is headed by the Labor Minister.
Now the interest is 8.1 percent
For 2021-22, the government had approved the lowest interest rate of 8.1 percent on Employees Provident Fund deposits in 40 years. The interest rate on EPF at 8.1 per cent was the lowest since 1977-78.
It was kept at 8.1 percent. This time also it is expected that it can remain at 8 percent. The interest rate of 8.5 per cent on EPF deposits for 2020-21 was fixed by the Central Board of Trustees (CBT) in March 2021.
EPF is a savings scheme run by the Employees’ Provident Fund. It covers every single office, company, firm in which more than 20 employees work. In this, both the employee and the company contribute towards EPF.
EPFO transfers the interest money once a year. Government data shows that around 4.9 crore new subscribers joined the Employees’ Provident Fund (EPF) scheme during the period from September 2017 to November 2021.
