The EPFO has offered the power to go for greater pension to its subscribers until Could 3, 2023. (File)
New Delhi:
The retirement fund physique EPFO is more likely to announce the speed of curiosity on workers’ provident fund (EPF) deposits for 2022-23 at its two-day assembly starting Monday.
EPFO had lowered the curiosity on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about 5 crore subscribers, from 8.5 per cent in 2020-21 in March 2022.
This was the bottom since 1977-78, when the EPF rate of interest stood at 8 per cent.
“The Staff’ Provident Fund Organisation’s (EPFO’s) apex determination making physique Central Board of Trustees (CBT) is more likely to resolve the speed of curiosity on EPF for 2022-23 at its two-day assembly starting on Monday afternoon,” a supply stated.
Apart from rate of interest, the CBT may also talk about the annual accounts of the EPFO for 2022-23.
The trustees may also deliberate on the motion taken by the EPFO on the Supreme Courtroom order for giving a four-month window to Staff’ Pension Scheme 1995 subscribers to go for greater pension.
The EPFO has offered the power to go for greater pension to its subscribers until Could 3, 2023.
The 8.5 per cent rate of interest on EPF deposits for 2020-21 was determined by the CBT in March 2021.
After the CBT determination, the rate of interest on EPF deposits for 2022-23 shall be despatched to the Ministry of Finance for concurrence.
EPFO gives the speed of curiosity solely after it’s ratified by the federal government by the finance ministry.
In March 2020, EPFO had lowered the rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent offered for 2018-19.
EPFO had offered 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18. The speed of curiosity was barely greater at 8.8 per cent in 2015-16.
The retirement fund physique had given 8.75 per cent price of curiosity in 2013-14 in addition to 2014-15, greater than 8.5 per cent for 2012-13.
(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
