HomeFinance NewsRetirement fund body hikes EPF interest rate to 8.15%

Retirement fund body hikes EPF interest rate to 8.15%

EPFO interest rate hike: The decision on interest rate hike was taken by Central Board of Trustees (CBT) of the EPFO in their ongoing meeting. After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.

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By Anshul  March 28, 2023, 10:34:06 AM IST (Updated)

2 Min Read
Retirement fund body hikes EPF interest rate to 8.15%
The Employees Provident Fund Organisation (EPFO) has hiked the interest rate by 0.05 percent to 8.15 percent for financial year 2022-23, from 8.10 percent. This is first hike since FY19. In March 2022, the government had declared an 8.1 percent EPF rate for more than 6 crore active subscribers, which was the lowest since 1977-78.


The decision on interest rate hike was taken by Central Board of Trustees (CBT) of the EPFO in their meeting. After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.

EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.

"The interest rate would be officially notified in the government gazette after approval of Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers’ accounts," Ministry of Labour & Employment said in a statement.

Here's a look at the historical rates of EPF:







































Financial YearInterest rate
2022-20238.15%
2021-20228.10%
2020-20218.50%
2019-20208.50%
2018-20198.65%
2017-20188.55%
2016-20178.65%
2015-20168.80%

"The CBT recommended the amount balancing both the growth and  surplus fund to have safeguards. The recommended rate of interest of 8.15 percent safeguards the surplus as well as guarantees increase income to members. In fact, the rate of interest at 8.15 percent and the surplus of Rs 663.91 crore is higher than the last year," Ministry of Labour & Employment 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 crore which was Rs 77,424.84 crore and Rs 9.56 lakh crore respectively in the FY 2021-22. The total income recommended for being distributed is highest till date. The growth in income and the principal amount is respectively more than 16 percent and 15 percent as compared to last financial year 2021-22.

EPF is a mandatory savings scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

The provisional payroll data released recently by the Ministry of Labour and Employment recently showed that EPFO added 14.86 lakh subscribers in January 2023. As many as 3.54 lakh members exited the fold of EPFO, which was the "lowest exit" in the last four months, the ministry said.

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