- The Central Board of Employees’ Provident Fund Organisation (EPFO) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.
- In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.
- The recommendation involves the distribution of more than ₹90,000 crore in the members’ account on the total principal amount of about 11 lakh crore.
(ANI): The Central Board of Employees’ Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23.
In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78.
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The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts.
The recommendation involves the distribution of more than Rs 90,000 crore in the members’ account on the total principal amount of about Rs 11 lakh crore.
In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively.
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