EPFO increases interest rate on EPF for 2022-23 by 0.05 percent
Previously, the EPFO had lowered the interest rate for the year 2021-22 to 8.10%, which was the lowest interest rate since 1977-78.
EPFO increases interest rate on EPF for 2022-23 by 0.05 percent
The Employees Provident Fund Organization (EPFO) has increased the interest rate on EPF for this year to 0.05% over the last year. EPFO has changed the interest rate for EPF, which was fixed at 8.15%, for Employees Provident Fund.
Previously, the EPFO had lowered the interest rate for the year 2021-22 to 8.10%, which was the lowest interest rate since 1977-78.
According to reports, the EPFO’s Central Board of Trustees (CBT) has decided to give the EPF an interest rate of 8.15 percent for the year 2022-23. The meeting was held on Tuesday.
Following the CBT’s decision, the interest rate on EPF deposits for 2022-23 will be forwarded to the Ministry of Finance for approval.
The EPFO will not set the interest rate until the government ratifies it through the Ministry of Finance. The EPFO credits the interest rate for 2022-23 to the participant’s account after ratification by the government.
In the March 2020 disclosures, the EPFO lowered the interest rate on deposits in the provident fund for 2019-20 to a seven-year low of 8.5 percent from 8.65 percent for 2018-19. The EPFO lowered the EPF interest rate for 2019-20 to 8.5 percent from 8.65 percent for 2018-19.
The last interest rate was 8.5 percent in 2020-21. In the March 2020 disclosures, the EPFO lowered the interest rate on deposits in the pension fund to a seven-year low of 8.5 percent for 2019-20, down from 8.65 percent for 2018-19.
The authorities cut the 2019-20 EPF interest rate to the lowest since 2012-13, which was 8.5 percent Higher.
As in the case of EPFO higher pension, only 1,20,279 individuals would apply online to receive a higher pension under the Employees’ Pension Scheme 1995 (EPS-95) by March 9, 2023.
The EPFO updated the link on the EPFO website to read, “Shared options under former Section 11 (3) and Section 11 (4) of EPS 1995 until May 3, 2023.”
The earlier last date for claiming higher pension was March 3, 2023, and now EPFO has extended the last date for claiming higher pension by 60 days. The last date for claiming the option of higher pension is May 3, 2023. To redirect and visit the page, click here.
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