New Delhi, July 25 (KNN) The Employees' Provident Fund Organisation (EPFO) has declared the interest rate as 8.15% for Employees' Provident Fund (EPF) accounts for the financial year 2022-23.

The announcement was made by the EPFO via a circular dated July 24, 2023.

“The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest @ 8.15% for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952,” read the circular.

The Employees Provident Fund is a mandated contribution for salaried employees.

An employer is also obligated to make a matching contribution to the EPF account. On a monthly basis, an employee contributes 12% of his earnings to his EPF account.

The employee's whole contribution is placed into the EPF account. In the case of the employer, just 3.67% is deposited into the EPF account. The remaining 8.33% goes to the Employees Pension Scheme (EPS).  (KNN Bureau)