For the fiscal year 2022–2023, the government may set an interest rate of 8% on pension funds.

 

EPF interest rate: The government may set an EPF interest rate of 8% for FY2022-23. Within a month, the CBT for this is anticipated to take place.


EPF interest rate: According to an ET report, the government may maintain the interest rate on PF deposits at roughly 8% for the fiscal year 2022–2023, which is nearly equal to the fiscal year before. According to reports, work is being done on the Employees' Provident Fund Organization's revenues.

Given the excellent return on investment, an ET research suggests that this year's growth could reach 8%.

The interest rate will be decided upon during a meeting of the Central Board of Trustees (CBT) of EPFO anticipated for later this month or early March. Following that, the Finance Investment and Audit Committee will make a proposal based on the revenue for 2022–2023.

Let us inform you that CBT is a tripartite EPFO body composed of representatives from the government, employees, and employers. CBT decisions are binding on EPFO. The Minister of Labor serves of its leadership.


For 2021–2022, the government approved the lowest interest rate on Employees Provident Fund deposits—8.1%—in forty years. Since 1977–1978, when it was 8%, the interest rate on EPF has never been lower than it is now, at 8.1%.


The Central Board of Trustees (CBT) set the interest rate on EPF deposits year 2020–21 at 8.5% in March 2021.

According to the Employees' Provident Funds and Miscellaneous Provisions Act of 1952, EPF is a required savings programme. It is run under Employees' Provident Fund Organization's authority (EPFO). Every establishment with 20 or more employees is covered. A predetermined monthly contribution from the employee and an equal sum from the employer are both made to the provident fund.