On July 24, the government approved the recommendation of the Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) to increase the interest rate of deposits in the Provident Fund (PF) to 8.15%
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The government has ratified the rate of interest on deposits under the EPF scheme for the financial year 2022-23
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On March 28, 2023, the EPFO slightly raised the interest rate on EPF deposits to 8.15% for 2022-23 for over six crore subscribers
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According to the official order issued by the EPFO, the field offices have been asked to credit the interest at 8.15% on EPF into the accounts of members for the financial year 2022-23
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The EPFO field offices will start to process the crediting of the interest into subscribers' account
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In March 2022, the EPFO reduced the interest rate on EPF deposits (2021-22) to a four-decade low of 8.1% from 8.5% (2020-21), the lowest since 1977-78