EPFO hikes interest rate on PF deposits to 8.15% for FY23

The Employees' Provident Fund Organization (EPFO) has fixed the rate of interest on employees' provident fund (EPF) for FY23 on Tuesday to 8.15 per cent from a four-decade low of 8.1 per cent in the previous financial year on EPF deposits. 

The decision comes on the second day of the two-day meeting that began on Monday.

After the Central Board of Trustees' (CBT) decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence. 

EPFO provides the rate of interest only after it is ratified by the government through the finance ministry. Besides interest rate, the CBT will also discuss the annual accounts of the EPFO for 2022-23.

EPFO is a social security organization responsible for providing social security benefits in the form of provident, pension and insurance funds to the organized workforce of the country. There are about five crore subscribers of EPF.