The government on Monday approved the interest rate of 8.15 per cent recommended by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) for its over 6 crore subscribers for the financial year 2022-23. In a circular issued today, the EPFO said the Ministry of Labour and Employment has conveyed the approval of the central government for the EPF interest rate to be credited into members’ accounts.
As per the convention, the Ministry of Labour and Employment had sent the interest rate recommendation to the Ministry of Finance for ratification. After the government’s consent to the interest rate, the EPFO would now start crediting the rate of interest for the previous fiscal to the EPF subscribers.
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