EPF Scheme Big Update: Govt approves 8.15% interest rate for EPF f

EPF Scheme Big Update: Govt approves 8.15% interest rate for EPF from this fiscal  EPF Scheme Update: The order for 8.15% interest rate comes after the finance ministry's concurrence to the EPF rate of interest approved by the EPFO trustees earlier in March this year.     Online Bureau , ETGovernment  Updated On Jul 24, 2023 at 02:45 PM IST    EPFO declares 8.15% as EPF interest rate for FY 2022-23.  EPF Scheme Update: There is good news for the employees working in the organized sector. The Union Ministry for Labour and Employment has approved to credit interest at 8.15% to the Employees' Provident Fund (EPF) scheme for 2023-24.    According to an Employees' Provident Fund Organisation (EPFO) office order issued on July 24, the labour ministry has conveyed the approval of the central government to credit interest at 8.15 percent per annum for 2021-22 to every member of the EPF scheme.    The EPFO has directed all field offices to credit the interest at a rate of 8.15% on EPF for the financial year 2022-23 into the respective accounts of its members.        "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@ 8.15 % for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952. You are accordingly, requested to issue necessary instructions to all concerned for crediting the said interest to the members' accounts," the circular said.    The order for 8.15% interest rate comes after the finance ministry's concurrence to the EPF rate of interest approved by the EPFO trustees earlier in March this year.    It is noteworthy that in March 2022, the EPFO had lowered the interest rate on EPF deposits for the financial year 2021-22 to 8.10%, marking the lowest rate in four decades, down from 8.5% in 2020-21. This was the lowest interest rate recorded since 1977-78 when the EPF interest rate was at 8%.    The EPFO is India's largest retirement fund manager with 70.2 million contributing members and 0.75 million contributing establishments.  Published On Jul 24, 2023 at 02:00 PM IST