The Employees’ Provident Fund Organisation (EPFO) has increased the interest rate on employees’ provident fund (EPF) deposits for the financial year 2022-23. At its meeting, the retirement fund body has fixed the interest rate at 8.15 per cent. However, this rate is subject to approval by the Ministry of Finance, which ratifies the interest rate provided by the EPFO. The interest rate for EPF deposits for the previous year was 8.10 per cent, which was the lowest in over 40 years. In addition to discussing the interest rate on EPF deposits for the financial year 2022-23, the CBT will also review the annual accounts of the EPFO. The trustees will also deliberate on the implementation of the Supreme Court order, which grants Employees’ Pension Scheme 1995 subscribers a four-month window to opt for a higher pension. The EPFO has provided its subscribers with the option to select a higher pension until May 3, 2023.
About the Employees’ Provident Fund Organisation (EPFO)
- The Employees’ Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, Government of India. It is responsible for administering the Provident Fund, Pension Scheme, and Insurance Scheme for the workforce in the organized sector of the Indian economy. The EPFO manages a corpus of over Rs. 17 lakh crore and has more than 6 crore subscribers across the country. It aims to provide social security benefits to workers in the organized sector and ensure their financial stability and well-being.
- The Employees’ Provident Fund Organisation (EPFO) was established on 15th November 1951 by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The EPFO was created to provide social security benefits to employees in the organized sector and to promote their financial stability and well-being.
- Initially, the EPFO provided only Provident Fund benefits to employees, but over time, it has expanded its scope to include Pension and Insurance benefits as well. The Employees’ Pension Scheme was introduced in 1995, followed by the Employees’ Deposit Linked Insurance Scheme in 1976.
- In 2014, the EPFO launched the Universal Account Number (UAN) to provide a single window for accessing all EPF accounts by employees. This initiative aimed to simplify the process of managing EPF accounts and ensure transparency in the system.
You may also read this: