EPFO: The Union government on Monday approved Employee Provident Fund organisation’s (EPFO) recommendation to increase interest rate on Provident fund (PF) by 0.5 percent for Financial Year 2022-23.

With the decision, the social security scheme’s contributors will get 8.15 percent return instead of 8.10 per cent that they got in FY 2021-22.

EPFO, on March 28 recommended government to hike interest rate on PF by 0.5 per cent to 8.15 per cent for FY 2022-23. Over 6 crore EPF subscribers will now get 8.15 per cent for their contribution during FY 23.

In an official order, EPFO directed officials to credit 8.15 per cent interest for contribution made in FY 2022-23.

Earlier, in march 2022, the EPFO reduced the interest rate on EPF contribution to 8.10 per cent from 8.5 per cent. This was lowest rate since the FY 1977-78, when the rate was at 8 per cent.

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