EPFO had declared 8.1 percent as the rate of interest for 2021-22, which is the lowest in four decades. The last time the interest rate slipped to 8 percent was in 1977-78.

 

   

    The Central Board of Trustees (CBT) of the Employees Provident Fund Office (EPFO) on March 28 set an 8.15 percent interest rate on provident fund for this fiscal.

    The decision was taken at the 233rd meeting of the Central Board of Trustees held in Delhi today under the Chairmanship of Bhupendra Yadav, Union Minister for Labour and Employment and Environment, Forest and Climate Change.

    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 increased income to members. Both the rate of interest at 8.15 percent and the surplus of Rs 663.91 crore are higher than the last year.

    The Board’s recommendation involves distribution of more than Rs 90,000 crore in the members’ accounts on a total principal amount of about Rs 11 lakh crore which was Rs 77,424.84 crore and Rs 9.56 lakh crore, respectively, in FY2021-22. The total income recommended for being distributed is highest till date. The growth in income and the principal amount is more than 16 percent and 15 percent as compared to 2021-22.