From 8.5 per cent in 2020-21, the Employees’ Provident Fund Organisation (EPFO) had lowered the interest rate to 8.1 per cent in 2022. Now, however, for the employees’ provident fund (EPF) deposits for 2022-23, the EPFO has fixed the interest rate at 8.15 per cent. The move will benefit the over five crore subscribers of the retirement fund.
Last year, the interest rate had been reduced to the lowest in about 40 years.
The Central Board of Trustees (CBT), the decision-making body of the EPFO, fixed this rate at a meeting recently. Approval will be sought from the Ministry of Finance. Once the Government approves, the interest amount will be credited into the accounts of the subscribers.
The rate of interest was 8.55 per cent for the 2017-18 period and 8.65 per cent for 2016-17. It was a good 8.8 per cent in 2015-16.
The Employees’ Provident Fund Organsiation, which manages the retirement savings of about 27 crore formal sector employees, invests 15 per cent of its funds into exchange traded funds (ETFs) that are linked to NSE Nifty 50 and BSE Sensex.
As per media reports, EPFO had invested over Rs 1.57 lakh crore in ETFs as on March 2022, and an additional about Rs 8,000 crore in the financial year 2023.
The organisation is presently also inviting applications for the posts of SSA and stenographer. Those keen to apply can do so via the official EPFO website, epfindia.gov.in. The last date for online submission of application forms is 26 April 2023.
