Central government notifies EPF interest rate hike for 2022- 23 !!
The EPFO has already authorized its field offices to credit the 8.15 percent interest rate to EPF members' accounts for FY23
Central govt Notify EPF interest rate hike for 2022- 23 at the rate of 8.15 percent
The union government of India made an important statement on the workers provident fund (EPF) scheme on July 24, 2023.
It has agreed to boost the deposit interest rate to 8.15 percent for the fiscal year 2022-2023. This interest rate hike is fantastic news for the nearly 6 crore subscribers who will benefit from it throughout the current fiscal year.
The central board of trustees (CBT) of the employees’ provident fund organisation (EPFO) first advocated raising the interest rate. Following the recommendations of the CBT, the Ministry of Labour and Employment approved the enhanced EPF interest rate in a circular released on July 24, 2023.
The EPFO has already authorized its field offices to credit the 8.15 percent interest rate to EPF members’ accounts for FY23.
The EPFO’s decision-making process entails the CBT deliberating on crucial issues, such as the interest rate, based on the retirement fund manager’s predicted revenue.
The EPFO suggested raising the interest rate to 8.15 percent for FY23, which begins on March 28, 2023. With the finance ministry’s approval, it can now credit the interest to the accounts of its subscribers.
When compared to other savings products, the EPFO rate continues to be one of the highest, with small savings rates ranging from 4% to 8.2%.
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