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The Central Board Trustees (CBT) EPF recommends 8.15 % rate of interest to EPF subscribers for FY2022-23

Newdelhi:28/3/23:The 233rd meeting of Central Board of Trustees, EPF was held today in Delhi under the Chairmanship of Shri Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change. The Vice-Chairmanship of Shri Rameshwar Teli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and Co-Vice-Chairpersonship of Ms. Arti Ahuja, Secretary Labour & Employment and the Member Secretary Smt. Neelam Shami Rao, Central P F Commissioner were also present during the meeting.

The Central Board recommended 8.15 % annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2022-23. 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.

The CBT recommended the amount balancing both the growth & surplus fund to have safeguards.The recommended rate of interest of 8.15% safeguards the surplus as well as guarantees increase income to members. In fact, the rate of interest at 8.15 % and the surplus of 663.91 Crores is higher than the last year.

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 crores which was Rs 77,424.84 crores and Rs 9.56 lakh crores 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% and 15% as compared to last financial year 2021-22.

EPFO over the years has been able to distribute higher income to its members, through various economic cycles with minimal credit risk. Considering the credit profile of the EPFO investment, the interest rate of EPFO is higher than other comparable investments avenues available for subscribers. EPFO has consistently followed a prudent and balanced approach towards investment, putting highest emphasis on the safety and preservation of principal with an approach of caution and growth.

EPFO being one of the largest social security organization has stayed true to its objective by maintaining and providing its subscribers with the high assured interest rate even during the periods of volatility in equity and capital markets. A blend of conservative yet progressive approach of investment followed by EPFO has made it a wise option for PF members.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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