New Delhi : Employees’ Provident Fund Organization (EPFO) may announce the interest rate on the Employees’ Provident Fund (EPF) for the current financial year 2022-23 on March 28. The decision regarding the interest rate on EPF is likely to be taken in the meeting of the Central Board of Trustees (CBT).
Official sources said on Monday that EPFO can take a decision on the interest rate on EPF in its two-day meeting. According to the information, the decision regarding the interest rate on EPF for the financial year 2022-23 can be taken by the CBT, the apex decision-making body of the Employees’ Provident Fund Organization in a two-day meeting starting today.
Apart from this, what action has been taken by the EPFO on the order given by the Supreme Court to give four months time to apply for more pension in the CBT meeting. This can also be discussed in the meeting. Actually, EPFO has given time till May 3, 2023, to its shareholders.
In March 2022, the EPFO brought down the interest rate on EPF of its nearly five crore subscribers to a low of more than four decades to 8.1 per cent for the financial year 2021-22. The interest rate on EPF was the lowest since the financial year 1977-78 when the interest rate on EPF used to be eight per cent. Earlier in March 2020, EPFO had reduced the interest rate on provident fund deposits for the financial year 2020-21 to a 7-month low of 8.5 per cent, while the rate for the financial year 2018-19 was 8.65 per cent.