Employee provident fund interest rate set at 8.15% for 2022-23 fiscal

NEW DELHI: The Employees’ Provident Fund Organisation (EPFO), the state-run retirement fund manager, on Tuesday rec- ommended an 8.15% interest rate on provident-fund deposits for 2022-23, marginally higher March 29, 2023 than the previous year’s 8.10%, which was the lowest in 40 years.

Provident funds provide retirement income for nearly 67-million salaried Indians. It often is the key corpus of lifetime savings for working people and a metric widely watched by the salaried middle-class.

The new rate will take effect as soon as the finance ministry ratifies it. Returns are usually deposited in on March 30 of every year.

The 2022-23 rate still doesn’t match higher returns of pre-pan- demic years, amid a global slow- down and a banking crisis sparked by the collapse of the Silicon Valley Bank in the US.→PTER