EPFO likely to decide rate of interest on employees’ provident fund deposits for FY23 by March 28

The retirement fund body EPFO is likely to announce the rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday.

The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday.

EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1% for its about five crore subscribers, from 8.5% in 2020-21 in March 2022.

This was the lowest since 1977-78, when the EPF interest rate stood at 8%.

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"The Employees' Provident Fund Organisation's [EPFO's] apex decision-making body Central Board of Trustees [CBT] is likely to decide the rate of interest on EPF for 2022-23 at its two-day meeting beginning on Monday afternoon," a source said.

Besides interest rate, the CBT will also discuss the annual accounts of the EPFO for 2022-23.

The trustees will also deliberate on the action taken by the EPFO on the Supreme Court order for giving a four-month window to Employees' Pension Scheme 1995 subscribers to opt for higher pension.