Recently, the center has cleared the interest rate of 8.15% of EPF funds, which was decided earlier in the year on March 28 by the Central Board of Trustees (CBT).
The Ministry of Labour and Employment of the Government of India has cleared by a report on July 24 referring to this matter under para 60(10) that for the period of 2022-2023, the EPFO shall credit interest at 8.15, which is replaced by the previous year’s 201-2022 of 8.10%. It makes the surplus higher than the previous years.
The circular further asked the authorities to publish necessary information before providing the EPF interest hike to the Employee’s bank account. Now, the 12% deduction of the Employee’s salary will bear fruit in their retirement corpus. One can check their EPFO balance from their EPFO member portal by using the UAN and password.