Centre approves 8.15% interest for 60 million EPFO subscribers in FY23

“The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest at 8.15 per cent for the year 2022-23 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952. You are accordingly requested to issue necessary instructions to all concerned for crediting the said interest to the members’ accounts,” the circular said.

According to convention, the Ministry of Labour and Employment had sent the interest rate recommendation to the Ministry of Finance for ratification. After the government’s consent to the interest rate, the EPFO would now start crediting the rate of interest for the previous fiscal to the EPF subscribers.