The Central Board Trustees (CBT) today recommended 8.15 per cent annual rate of interest on Employees’ Provident Fund (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 Ministry of Finance, following which EPFO would credit the rate of
interest into its subscribers’ accounts . There is a hike in the EPF account interest rate by 0.05%. Last year, the interest rate for EPF account was 8.10% for FY 2021-22.
The Board’s recommendation involves distribution of more than 90 thousand crores rupees in the members’ account on the total principal amount of about 11 lakh crore rupees. The total income recommended for being distributed is the highest till date. The growth in income and the principal amount is also 16 and 15 per cent more respectively, as compared to last financial year.