Central Board Trustees (CBT) EPF recommends 8.15 % rate of interest to EPF subscribers for FY2022-23

The Central Board of Trustees of the Employees’ Provident Fund (EPF) has recommended an annual interest rate of 8.15% to be credited on EPF accumulations in members’ accounts for the financial year 2022-23.

The recommendation was made during the board’s 233rd meeting held in Delhi under the chairmanship of Shri Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change. The interest rate, which balances both growth and surplus funds, will be officially notified in the government gazette after approval by the Ministry of Finance.

The board’s recommendation involves the distribution of over Rs. 90,000 crores to EPF subscribers, making it the highest total income distribution to date. The EPF has consistently maintained a high assured interest rate for its subscribers through a prudent and balanced approach towards investment.

Further details reveal that the recommended interest rate of 8.15% is higher than last year’s rate of 8.05%, and the surplus of 663.91 crores is also higher than the previous financial year. The board has taken a cautious yet progressive approach towards investment, ensuring the safety and preservation of principal while also seeking growth opportunities.

EPFO has been able to distribute higher income to its members through various economic cycles, with minimal credit risk. This has made it a wise investment option for PF members, as compared to other comparable investment avenues available for subscribers.

EPFO’s emphasis on maintaining a high assured interest rate for its subscribers even during periods of volatility in equity and capital markets has ensured its position as one of the largest social security organizations. Its balanced investment approach has made it a reliable option for those seeking long-term savings and financial security.

The recommended interest rate of 8.15% is expected to provide a significant boost to EPF subscribers, as it will be credited on EPF accumulations in their accounts. This will enable them to earn higher returns on their savings and ensure their financial stability in the long run.

Overall, the recommendation made by the Central Board of Trustees of the EPF highlights its commitment to ensuring the financial security of its members and its prudent approach towards investment.