EPFO hikes interest rate on employees’ provident fund to 8.15% for 2022-23

New Delhi: The Employees' Provident Fund Organisation (EPFO)EPFO has hiked interest rate on employees' provident fund (EPF) for 2022-23. Retirement fund body has fixed 8.15 per cent rate of interest on EPF deposits for 2022-23 at its meeting on Tuesday, news agency PTI reported. If the expected interest rate is same, then there is a hike in the EPF account interest rate by 0.05% for its about five crore subscribers. "The Employees’ Provident Fund Organisation’s apex decision making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday,” a source said, PTI reported.

The decision comes on the second day of the two-day meeting that began on Monday.

After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence. EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.

Last year, the interest rate for EPF account was at an over four-decade low at 8.1 per cen8.10% for FY 2021-22.

EPFO is a social security organization responsible for providing social security benefits in the form of provident, pension and insurance funds to the organized workforce of the country.

Besides interest rate, the CBT will also discuss the annual accounts of the EPFO for 2022-23.

The trustees will also deliberate on the action taken by the EPFO on the Supreme Court order for giving a four-month window to Employees' Pension Scheme 1995 subscribers to opt for higher pension.

The EPFO has provided the facility to opt for higher pension to its subscribers till May 3, 2023.

According to the Ministry of Labour and Employment, EPFO has added 14.86 lakh subscribers in January this year. As many as 3.54 lakh members exited the fold of EPFO, which was the "lowest exit" in the last four months, the ministry said.

Out of 14.86 lakh subscribers, around 7.77 lakh new members have come under the ambit of EPFO for the first time, the statement read.