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

• The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) has raised the interest rate on the provident fund (PF) deposits marginally to 8.15 percent for FY23.
• This was 8.1 percent in the previous financial year, FY22.
• The 8.15 percent rate of return for 2022-23 (FY23) is the second-lowest since 1977-78.
• Earlier, the rate of return of 8.1 percent declared by EPFO for 2021-22 was the lowest in 45 years.
• In 1977-78, the return was 8 percent.
• Since then, the rate of return had either been 8.25 percent or higher.
• Between 1989-90 and 1999-2000, the EPFO’s rate peaked at 12 percent.