In a development, retirement fund body EPFO has marginally increased the interest rate to 8.15% for the current financial year from 8.1% in the previous year.
The Ministry of Labour Employment said, “The interest rate would be officially notified in the government gazette after approval of Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts.” The 8.15% interest rate for 2022-23 was recommended after a meeting between the labour ministry and the central board of trustees of the Employees’ Provident Fund Organisation (EPFO.)
According to the labour ministry, “The recommended rate of interest of 8.15% safeguards the surplus as well as guarantees increased income to members.” The Ministry further said, “The Board’s recommendation involves 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 highest till date. The growth in income and the principal amount is respectively more than 16% and 15% as compared to last financial year 2021-22.”
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