PF Interest Rate: EPFO fixes 8.15% interest rate on employees’ provident fund for 2022-23 | India Business News read full article on indianwallah.in

NEW DELHI: The retirement fund frame EPFO-Workers’ Provident Fund Group- has fastened 8.15% rate of interest on workers’ provident fund for 2022-23.
Final 12 months, EPFO had declared 8.1% because the interest rate for 2021-22, which is the bottom in 4 many years. The final time the interest rate slipped to eight% used to be in 1977-78.
“The Workers’ Provident Fund Group’s apex resolution making frame Central Board of Trustees (CBT) has made up our minds to supply 8.15 in keeping with cent interest rate on EPF for 2022-23 at its assembly on Tuesday,” PTI reported quoting a supply.

EPFO supplies the interest rate simplest after it’s ratified through the federal government during the finance ministry.
In March 2020, EPFO had diminished the rate of interest on provident fund deposits to a seven-year low of 8.5 in keeping with cent for 2019-20, from 8.65 in keeping with cent equipped for 2018-19.
EPFO had equipped 8.65 in keeping with cent rate of interest to its subscribers in 2016-17 and eight.55 in keeping with cent in 2017-18. The interest rate used to be relatively upper at 8.8 in keeping with cent in 2015-16.
The retirement fund frame had given 8.75 in keeping with cent interest rate in 2013-14 in addition to 2014-15, upper than 8.5 in keeping with cent for 2012-13.
The interest rate used to be 8.25 in keeping with cent in 2011-12.

Standing document on SC order
On Monday, the primary day of the assembly, the EPFO introduced a standing document at the implementation of the Preferrred Courtroom’s November 4, 2022, judgment on upper pension. Assets instructed TOI that labour minister Bhupender Yadav confident the Board that the judgment might be carried out in “complete”.
In its assembly of the Pension Implementation and EDLI Committee (PIEC) on March 15, EPFO had made up our minds to factor a suite of FAQs to “demystify” the apex courtroom judgment and its implications on pensioners.
Then again, regardless of the extension of final date of software to Might 3, the EPFO has nonetheless now not issued the detailed explainer, nor clarified the process of deposit or computation of pension.
A document of the status committee on labour tabled in Parliament this month stated the ministry instructed the Space panel that the results of the judgment had now not been factored in to the BE 2023-24 allocation.
(With inputs from companies)