Provident Fund: The Employees’ Provident Fund (EPF) scheme will get credit interest of 8.15 percent for the 2022–2023 year, as approved by the Centre on Monday. The Union Ministry for Labour and Employment has received clearance from the central government to credit interest at a rate of 8.15 percent per year for 2021–2022 in accordance with an Employees’ Provident Fund Organisation (EPFO) office directive issued on July 24.
8.15% Interest Rate Approved for 2022-23 Fiscal Year
“The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60 (1) of Employees’ Provident Fund Scheme, 1952 to credit interest for the year 2022-23 to the account of each member of the EPF Scheme…,” said a circular by the Employees’ Provident Fund Organisation (EPFO). The 8.15 percent interest rate on provident funds for this fiscal year was decided by the Central Board of Trustees (CBT) of the EPFO on March 28. The interest rate was increased by 0.5%. For FY 2021–2022, the interest rate for EPF accounts was 8.10% last year. One of the biggest social security organisations, EPFO has remained faithful to its mission by continuing to offer its subscribers a high secured interest rate even when the equity and capital markets were volatile.
A Closer Look at Salaried Workers’ Provident Fund Savings
Salaried workers are required to make a contribution to the Employees Provident Fund. Additionally, an employer must contribute the matching amount to the EPF account. An employee contributes 12% of his salary to the EPF account on a monthly basis. To the EPF account is put the entire employee contribution. Employees’ Provident Fund Organisation (EPFO) lowered the interest rate on EPF deposits for 2021–2022 in March 2022 from 8.5 percent in 2020–2021 to a four-decade low of 8.10 percent.
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