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.
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