New Delhi, July 24 (Agency) The central government has approved an 8.15 percent interest rate on deposits under the Employees Provident Fund (EPF) scheme for the financial year 2022–23. In a circular issued on Monday, the retirement fund manager, Employees’ Provident Fund Organisation (EPFO), directed its field offices to credit the approved interest rate in the members’ accounts.
“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 at 8.15 percent for the year 2022–23 to the account of each member of the EPF scheme as per the provisions under Para 60 of EPC Scheme, 1962,” EPFO said in the circular to zonal and regional offices. The Central Board of Trustees (CBT) of the EPF, chaired by Union Labour Minister Bhupendra Yadav, had earlier recommended an 8.15 percent annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022–23.