EPF Rate For 2022-23: On Tuesday, March 28, the EPF rate for the financial year 2022-23 can be announced. The two-day meeting of the Employees’ Provident Fund Organization (EPFO) board is starting from March 27, 2023, which will continue till the next day, Tuesday. After this meeting, Labor Minister Bhupendra Yadav can announce the EPF rate for 2022-23.
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In this meeting of EPFO, apart from the EPF rate, the action taken on giving four months option to the Supreme Court employees to get more pension under EPFO’s annual account as well as more EPS 1995 will also be discussed. EPFO has given its subscribers time till May 3, 2023 to opt for it.
Along with this, the CBT members can also raise the issue of investing the fund’s money in Adani Group’s stocks through ETF in the meeting. After taking a decision on the EPF rate of EPFO, approval will be taken from the Ministry of Finance regarding the fixed interest rate.
EPFO is the largest financial institution after LIC which manages the hard earned money of the employees working in the organized sector. The employees contribute 12% of their basic salary and the employer also contributes the same amount. The amount deposited in EPFO is useful for retirement of employees, building or buying a house, education and marriage of children and retirement. According to an estimate, there are about 6 crore members of EPFO and EPFO manages Rs 27.73 lakh crore of crores of employees.
Last year on March 12, 2022, the EPFO board had decided to reduce the EPF rate to 8.1 per cent for 2021-22, which was the lowest EPF rate in 43 years. From trade unions to political parties, they strongly opposed the decision to reduce the EPF rate. In 2020-21, this rate used to be 8.5 percent. Then the government defended this decision and said that compared to any investment schemes, the interest received on EPF is the highest, as well as double the savings rate of the post office. The EPF rate was 8.5 per cent in 2019-20 and 8.65 per cent for 2018-19.
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