8.15% rate of interest recommended for EPF subscribers for FY 2022-23

Bhupendra Yadav (File Photo)


The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) has recommended an interest rate of 8.15 per cent for its subscribers for the current financial year 2022-23, up from 8.1 per cent last year, it was officially announced today.

The 233rd meeting of EPG trustees was held on Tuesday in Delhi under the Chairmanship of Labour Minister Bhupendra Yadav.

”The Central Board recommended an 8.15 per cent annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23. The interest rate would be officially notified in the government gazette after approval of (the) Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts,” an official release said.

The CBT recommended the amount balancing both the growth and surplus funds to have safeguards. The recommended rate of interest of 8.15% safeguards the surplus as well as guarantees increase income to members. In fact, the rate of interest at 8.15 per cent and the surplus of 663.91 crores is higher than the last year.

The CBT’s recommendation involves the distribution of more than Rs. 90,000 crores in the members’ account on the total principal amount of about Rs 11 lakh crores which was Rs 77,424.84 crores and Rs 9.56 lakh crores respectively in the FY 2021-22. The total income recommended for being distributed is the highest till date. The growth in income and the principal amount is respectively more than 16% and 15% as compared to the last financial year 2021-22.