EPFO information: Govt approves 8.15% rate of interest for PF deposits for 2022-23

The Centre on July 24 accepted the advice of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) to extend the rate of interest of deposits in Provident Fund (PF) to eight.15%.

The new fee shall be relevant for this monetary 12 months. 

Retirement fund physique EPFO on March 28, 2023, had marginally raised the rate of interest on workers’ provident fund (EPF) deposits to eight.15 per cent for 2022-23 for its over six crore subscribers.

As per an official order issued on Monday, the EPFO has requested the filed workplaces for crediting the curiosity at 8.15 per cent on EPF for 2022-23 into the accounts of members.

Now the EPFO subject workplaces will begin the method of crediting the curiosity to subscribers’ accounts.

In March 2022, theEmployees’ Provident Fund Organisation (EPFO) lowered the rate of interest on EPF deposits for 2021-22 to a four-decade low of 8.10 per cent from 8.5 per cent in 2020-21.

This was the bottom since 1977-78, when the EPF rate of interest stood at 8 per cent.

Process of making use of for larger pension is simple to know: Labour Minister

On Monday, Rameswar Teli stated in Lok Sabha stated that the method of making use of for a better pension on the unified portal of EPFO could be very easy and simple.

“The process in the unified portal for submission of joint options for higher pension is simple and easy to understand and contains simple requirements as per provisions of Employees’ Provident Fund (EPF) Scheme, 1952, Employees’ Pension Scheme (EPS), 1995 and the judgment of the Supreme Court on November 4, 2022,” stated Minister of State for Labour and Employment Rameswar Teli in a written reply to the Lok Sabha.

EPFO provides 16.30 lakh web members in May

Retirement fund physique EPFO added 16.30 lakh members on a web foundation in May this 12 months, in keeping with payroll knowledge launched final week.

“The data indicates that around 8.83 lakh new members enrolled during May, 2023 are highest during the last six months. Among the newly joined members, the age group of 18-25 years constitutes 56.42% of total new members added during the month,” stated an announcement from the Ministry of Labour and Employment. “Around 11.41 lakh members exited but rejoined EPFO who may have switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection,” it added.

“The data reveals that 3,673 establishments have extended social security cover of EPFO (Employees’ Provident Fund Organisation) to their employees by remitting their first ECR during the month,” a labour ministry assertion stated.

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Updated: 25 Jul 2023, 07:49 AM IST