Central Board suggests 8.15% interest rate to EPF subscribers for FY23

New Delhi, Mar 28 (KNN) The Central Board of Trustees (CBT), EPF on Tuesday recommended 8.15 per cent annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23.

It was discussed at the 233rd meeting CBT, EPF in New Delhi under the Chairmanship of Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change.

The interest rate would be officially notified in the government gazette after approval of Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts.

The CBT recommended the amount balancing both the growth & surplus fund to have safeguards.

The recommended rate of interest of 8.15 per cent safeguards the surplus as well as guarantees increase income to members.

In fact, the rate of interest at 8.15 per cent and the surplus of Rs 663.91 crore is higher than the last year.

The Board’s recommendation involves distribution of more than Rs 90,000 crore in the members’ account on the total principal amount of about Rs 11 lakh crore which was Rs 77,424.84 crore and Rs 9.56 lakh crore respectively in the FY 2021-22.

The total income recommended for being distributed is highest till date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to last financial year 2021-22.

The meeting was held under the Vice-Chairmanship of Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and Co-Vice-Chairpersonship of Arti Ahuja, Secretary Labour & Employment and the Member Secretary Neelam Shami Rao, Central P F Commissioner were also present during the meeting.  (KNN Bureau)