SUBSCRIBERS OF THE Employees' Provident Fund Organisation will get interest of 8.15% on their retirement savings in 2022-23, marginally higher than 8.1% for 2021-22, which was a four-decade low.
The decision was taken on Tuesday at a meeting of the Central Board of Trustees of the EPFO chaired by Union labour and employment minister Bhupender Yadav.
"We have been making investments conservatively as we believe the EPFO is the money of the workers. The labour ministry follows the guidelines of the finance ministry. We have a two-fold objective to increase the corpus and to invest it correctly," Yadav said.
This is the first increase in the interest rate for the EPF since 2018-19 when it was raised to 8.65% from 8.5% previously. However, in terms of the quantum, it is the smallest rate hike since 2015-16 when the rate was increased by a similar five basis points to 8.8% from 8.75% previously.
The EPFO will now send the proposed rate of interest to the finance ministry, which will approve it. Then, it will be notified in the government gazette, followng which the EPFO would credit the rate of interest into its 67.8 million subscribers' accounts. The finance ministry approval typically comes by June.
This story is from the March 29, 2023 edition of Financial Express Mumbai.
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This story is from the March 29, 2023 edition of Financial Express Mumbai.
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