EPFO: The central government has given a big gift to the salaried people before the festive season starts. Employees Provident Fund Organization (EPFO) has announced that for the financial year 2022-23, 8.15 percent interest rate will be available on deposits under the Employees Provident Fund Scheme. On 28 March 2023, the Employees’ Provident Fund Organization had decided to pay interest at the rate of 8.15 percent on Employees’ Provident Fund (EPF) deposits for 2022-23. In this way, EPFO marginally increased the interest for its more than six crore members, which was earlier 8.10 percent. According to an official order issued on Monday, the EPFO has asked its regional offices to deposit interest on EPF at the rate of 8.15 per cent for 2022-23 into the accounts of members. Please tell that this order came after the consent of the Finance Ministry on the interest rate. Now the regional offices of EPFO will add interest to the customers’ account.
Earlier 8.10 percent interest was available
EPFO has reduced the interest rate on EPF deposits to 8.10 percent for 2021-22 in March 2022. This was the lowest interest rate since 1977-78, when the EPF interest rate was eight per cent. Let us tell you that recently the Ministry of Labor said that the data shows that in May 3,673 establishments have included their employees in the social security net of EPFO. About 8.83 lakh new members joined EPFO in May, which is the highest level in the last six months. Of the new shareholders, 56.42 per cent stake is held by employees in the age group of 18-25 years. This shows the rise in organized employment of the youth. Although about 11.41 lakh subscribers withdrew from EPFO in May, but they also joined it again. This gives indications of their leaving one job and doing another job.