Retirement body employee provident fund organisation (EPFO) on Tuesday fixed 8.15 per cent interest rate on the employees’ provident fund for 2022-23.
The decision was taken by EPFO’s board of trustees.
Last year, EPFO had declared 8.1 percent as the rate of interest for 2021-22, which was the lowest in 40 years.
The last time the interest rate had slipped to 8 percent was in 1977-78.
Subsequent to the CBT decision, the interest rate on EPF deposits for 2022-23 will be sent for the finance ministry’s approval.
In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent provided for 2018-19. (KDC)