NEW DELHI: The Central Board of Trustees has recommended 8.15 % annual rate of interest to be credited in EPF subscribers’ accounts for the financial year 2022-23. The interest rate would be officially notified in the government gazette after approval of Ministry of Finance.
The recommended rate of interest of 8.15% safeguards the surplus of 663.91 crores as well as guarantees increase income to members.
The Board’s recommendation involves distribution of more than Rs 90,000 crores in the members’ account on the total principal amount of about Rs 11 lakh crores which was Rs 77,424.84 crores and Rs 9.56 lakh crore respectively in the FY 2021-22. The total income recommended for being distributed is highest till date.
Considering the credit profile of the Employees’ Provident Fund Organisation (EPFO) investment, the interest rate of EPFO is higher than other comparable investments avenues available for subscribers. EPFO has consistently followed a prudent and balanced approach towards investment, putting highest emphasis on the safety and preservation of principal with an approach of caution and growth.
