46.1 C
Delhi
Tuesday, May 28, 2024

EPFO hikes interest rate to 8.15 pc for FY 22-23

Date:

Share post:

Donate-GC-Razorpay

New Delhi: Retirement fund body Employees Provident Fund Organisation (EPFO) on Tuesday hiked interest rate to 8.15 per cent for financial year 2022-23, from the 8.10 per cent fixed for the previous financial year.

“The Central Board of Trustees recommended 8.15 % annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23,” a statement Ministry of Labour and Employment said.

“The CBT recommended the amount balancing both the growth and surplus fund to have safeguards.The recommended rate of interest of 8.15% safeguards the surplus as well as guarantees increase income to members,” the statement said.

The Board’s recommendation involves distribution of more than Rs. 90,000 crores in the members’ account on the total principal amount of about Rs 11 lakh crores which was Rs 77,424.84 crores and Rs 9.56 lakh crores respectively in the FY 2021-22, the statement added.

The EPFO had declared 8.1 per cent as the rate of interest for the financial year 2021-22, the lowest in the four decades.

The retirement fund body provides rate of interest only after it is ratified by the government.

Related articles

Two Militant Associates Apprehended Along With Arms and Ammunition In Anantnag.

Srinagar: Police on Tuesday claimed to have arrested two militant associates along with arms and ammunition in Mulsoo...

Police attaches properties of 2 terror handlers based in Pakistan, worth lacs in Baramulla.

Srinagar : Police in Baramulla after obtaining attachment order passed by Hon'ble Sub Judge Uri attached properties (3...

Police destroy Poppy cultivation in Baramulla.

Srinagar : As a part of persistent efforts to curb the menace of drugs in the society, Police...

Poonawalla Fincorp, IndusInd Bank launch co-branded RuPay Platinum Credit Card

New Delhi: RBI registered NBFC, Poonawalla Fincorp Limited, has joined hands with private IndusInd Bank and launched the...