The Central Board of Trustees (CBT) of the Employees Provident Fund Office (EPFO) set an 8.15 percent interest rate on provident fund for this fiscal on March 28. Last year, the interest rate for EPF account was at an over four-decade low at 8.10% for FY 2021-22.
Decision in CBT Meeting
The decision has been taken today at the 233rd meeting of the Central Board of Trustees held at Delhi under the Chairmanship of Bhupendra Yadav, Union Minister for Labour and Employment and Environment. After the meeting Bhupendra Yadav, in a tweet said,” EPFO recommended 8.15% interest rate for the fiscal 2022-23. I am pleased to inform that the interest rate of EPFO is higher than any other investment.”
EPFO covers nearly 7 crore salaried persons
EPFO covers nearly 7 crore salaried persons. EPFO manages EPFO retirement fund. The CBT recommended the amount balancing both the growth and surplus fund to have safeguards. The recommended rate of interest of 8.15 percent safeguards the surplus as well as guarantees increased income to members. Both the rate of interest at 8.15 percent and the surplus of Rs 663.91 crore are higher than the last year.
EPFO is a social security organization responsible for providing social security benefits in the form of provident, pension and insurance funds to the organized workforce of the country.