Union minister for labour, Bhupender Yadav, has decided to increase the interest rate on deposits in the Employees' Provident Fund (EPF) in the years 2022–23, up to Mar 31, 2023. Additional benefits will be provided to the 65 lakh employees of more than 45,000 companies in Gujarat.

More than five crore subscribers to EPFO will benefit

The government accepted the recommendation of the Central Board of Trustees (CBT) on July 24.

More than five crore subscribers of the country ₹90,000 crore will be benefited, Yadav said in the announcement. The decision was announced in Mar 2023 and has been approved now. If a person has a Provident Fund (PF) balance of one lakh rupees, only ₹50 of the interest will be accrued. 

In Mar 2022, the EPFO reduced the rate to 8.10% on EPF deposits for 2021–22; this rate was 8.5% in 2020–21.

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