The 233 meeting of the Central Board of Trustees, EPF was held today in Delhi under the Chairmanship of Shri Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change. The Vice-Chairmanship of Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and Co-Vice-Chairpersonship of Ms. Arti Ahuja, Secretary Labour & Employment and the Member Secretary Smt. Neelam Shami Rao, Central P F Commissioner was also present during the meeting.
The Central Board recommended an 8.15 % annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23. The interest rate would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts.
Here are a few key points to remember about EPF Interest Rate:
● The interest rate of 8.15% has come into effect and will apply to EPF deposits made between April 2022 and March 2023.
● Even though the interest is calculated monthly, it is only deposited to the Employees’ Provident Fund account once a year on March 31st of the applicable fiscal year.
● The transferred interest is added to the next month’s balance, i.e. April’s balance, and is then used to calculate interest.
● If no contributions are made to an EPF account for 36 months in a row, the account becomes dormant or inoperative.
● Employees who have not reached retirement age might earn interest on their inactive accounts.
● Interest is not paid on funds put in retired employees’ inactive accounts.
● The interest collected on dormant accounts is taxed at the member’s slab rate.
● The employee will not receive any interest for payments made by the company to the Employee’ Pension Scheme. However, beyond the age of 58, a pension is provided out of this amount.
Please take note of the same.
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