When Will PF Interest be Credited for 2022-23? Here Is The Answer

On 24th July, the government accepted the Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) recommendation to increase the PF interest rate deposits to 8.15 per cent. Since the announcement, numerous EPF members have eagerly awaited the credit of interest on PF.

A user on Twitter inquired ‘when will PF interest be credited for 2022-23?’. In response, EPFO stated that the process is underway and the interest will be shown in the passbook shortly. They assured the entire interest amount will be credited in full, and there will be no loss of interest on pf. They kindly requested the users to remain patient while the process is completed.

PF Interest Rate 2023: Govt. Approves 8.15% Rate of PF Deposits For 2022-23

The government has given the green light to the PF rate of 8.15 per cent, as suggested by the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO), for its more than 6 crore subscribers during the financial year 2022-23. In a circular issued today, the EPFO stated that the Ministry of Labour and Employment has conveyed the central government's approval to credit the PF interest rate 2023 into the accounts of the members.

Following the usual process, the Ministry of Labour and Employment had forwarded the interest rate recommendation to the Ministry of Finance for confirmation. With the government's consent to the proposed interest rate, the EPFO is now set to initiate the process of crediting the interest rate for the previous fiscal year to the EPF members.

"The Ministry of Labour and Employment, Government of India, has communicated the Central Government's approval under para 60(1) of Employees’ Provident Fund Scheme, 1952, to credit interest @ 8.15% for the year 2022-23 to the account of each member of the EPF Scheme, in accordance with the provisions under Para 60 of EPF Scheme, 1952," stated the EPFO circular.