The EPFO is one of the world's largest social security organisations in terms of clientele and the volume of financial transactions undertaken. According to the EPFO website, at present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members. The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 and Schemes framed are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India – namely EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI). The EPFO’s Central Board of Trustees after consultation with the Ministry of Finance reviews the interest rate of EPF every year, for a financial year.
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EPFO stands for Employees’ Provident Fund Organisation. It is a retirement fund body which on a mandatory basis provides Universal Social Security Coverage to all salaried employees in India.The EPFO is one of the world's largest social security organisations in terms of clientele and the volume of financial transactions undertaken. According to the EPFO website, at present it maintains 24.77 crore accounts (Annual Report 2019-20) pertaining to its members. The Employees' Provident Funds & Miscellaneous Provisions Act, 1952 and Schemes framed are administered by a tri-partite Board known as the Central Board of Trustees, Employees' Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India – namely EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI). The EPFO’s Central Board of Trustees after consultation with the Ministry of Finance reviews the interest rate of EPF every year, for a financial year.
The Employees’ Provident Fund Organisation (EPFO) in India saw a record high in formal job creation, adding 1.87 million net subscribers in July. However, formal jobs created under the Employees’ State Insurance Corporation (ESIC) fell by 1.9% to 1.98 million in July. The EPFO data shows a trend of increasing youth employment, with 58.4% of new workers in the 18-25 age bracket.
EPFO extends deadline to upload details by employers for higher pension option by 3-month till December 31
The deadline for uploading wage details which was ending on September 30 has been extended following representations from Employers & Employers' Associations, according to a labour ministry's release.
An individual who has applied for higher EPS pension can now check the status of it on the EPFO's member sewa portal. It may happen that an individual's higher pension application is stuck either due to wrong rejection by the employer or it is yet to be reviewed. What are the options an employee has in this case.
The Pension Fund Regulatory and Development Authority (PFRDA) in India is working on expanding the availability of the National Pension System (NPS) to all bank branches and post offices. Chairman Deepak Mohanty stated that efforts are being made to increase the penetration of pension schemes by making NPS products easily accessible to the public, including those in villages and small towns.
At present, the deadline for submission of applications for higher pension ends on June 26. The process continues to be riddled with an array of technical snags that the Employee Provident Fund Organisation (EPFO) has not been able to fix, despite them being flagged by both employees and employers repeatedly.
IFIN had in February made an interim distribution payout of ₹3,200 crore to creditors. With the latest distribution, total interim payouts by IFIN currently stands at ₹4,007 crore.
Employees PF balance and notifications regarding employer contributions will be sent to the registered mobile number. If you don’t have your previous number with you, in that case you will have to register mobile number with Aadhaar.
New enrollments in less lucrative jobs reached a three-month low in July, while higher-paying jobs continued to show stronger numbers. Enrollments in the Employees' State Insurance Corporation (ESIC) decreased to 1.49 million, while enrollments in the Employees’ Provident Fund Scheme (EPFO) increased by 18.8% and new subscribers to the National Pension Scheme (NPS) rose by 40%.
Many EPF members are complaining on Twitter that they are unable to submit the joint application form on the EPFO's Member Sewa portal for higher pension. It is important to note that the last date to apply for higher pension from EPS is July 26, 2023 - which is coming Monday.
If you are not sure if your UAN is linked to Aadhaar, then follow the steps below to check. Here are different ways to link your UAN with Aadhaar.
Issues persist despite being red flagged by EPFO’s Central Board of Trustees as well as by employer organisations.
Employees were facing many issues while applying for higher pension due to a lack of clarity on various rules and delayed clarification from EPFO made it difficult for large number of employees to exercise their hard-earned option to apply for higher pension from Employees' Pension Scheme (EPS). Here are some reasons why extension is needed.
The research report further said NPS data indicates that 8.24 lakh new subscribers added in 2022-23, of which state government payrolls of 4.64 lakh, followed by non-government of 2.30 lakh and 1.29 in central government. In the last 4-years, around 31 lakh new subscribers joined in NPS.
The Employees' Provident Fund (EPF) Advance Form, also known as Form 31, is typically used to submit a claim for a partial withdrawal or advance from the EPF account.
Employees Provident Fund Organisation (EPFO) has added 17.89 lakh members in June. The data reveals that 3,491 establishments have extended social security coverage of EPFO to their employees during the month. The data indicated that around 10.14 lakh new members have enrolled during June, 2023 which is highest since August, 2022.
The deadline to apply for higher pension from Employees' Pension Scheme (EPS) is June 26, 2023 i.e., today. However, it may happen that you still haven't applied for the same or are unable to submit the application form due snags on the website. Then you must hurry up and submit the application form before the deadline expires tonight.
The government has since April 2018 releasing monthly payroll data from the Employees Provident Fund Organisation or EPFO, the National Pension Scheme or NPS and the Employees State Insurance Corporation or the ESIC, based on the recommendations given by Ghosh & Ghosh report.
Citing the data from FY’20 to FY’23 for EPFO and NPS, the report further said 47% of the payrolls generated during the period were first time jobs. Of the total jobs created, 48.6 million were created under EPFO while 3.1 million were created under NPS. The report suggests bank sakhis to be hired as bank correspondents to increase the share of women in labour force from the current 27%
The Unified Mobile Application for New-age Governance (UMANG) app is an one stop solution to access various central and state government services in 13 Indian languages. Further one can also also the UMANG app to check and view their Employee Provident Fund (EPF). However for using this service one needs to have their mobile number registered with EPFO.
How to make changes to EPF account details: Documents required to update, correct name, gender, date of birth, marital status
The Employees’ Provident Fund Organisation (EPFO) has issued new standard operating procedure (SOP) via a circular. The new SOP will allow the EPF member to update 11 profile-related parameters.
The share of passive assets as a percentage of total assets under management has risen to 16% in July 2023 from 6% in July 2019, according to a Franklin Templeton Mutual Fund report.
As per latest government data, enrolments under ABRY stood at 6.04 million as on July 22, 2023, well short of the revised target of generating 7.18 million jobs under the scheme but higher than its initial target of 5.85 million. Disbursements under the scheme are way behind target.
The Employees' Provident Fund Organisation (EPFO) is in discussions with the finance ministry to reinvest its redemption proceeds from exchange-traded funds (ETFs) back into the stock market. The EPFO aims to maximize equity returns while protecting gains from market volatility. The proposal, which would increase retirement funds flowing into equities, needs approval from the finance ministry.
EPFO issues new process for EPF accounts updation to correct name, Aadhaar, date of birth, 8 other details
The Employees' Provident Fund Organisation (EPFO) has issued a new circular on August 23, 2023, to standardise the process of correcting details in the EPF account. As per the new process, an EPF member can correct 11 details in her profile. The new circular has put the restrictions on number of times these 11 details can be corrected or updated.
Over 1.5 crore jobs created in nine organised sectors under Modi government: Union minister Bhupender Yadav
According to Union Minister for Labour and Employment Bhupender Yadav, over 1.5 crore jobs have been created in nine sectors during the nine-year rule of the Narendra Modi government. These sectors include IT, manufacturing, trade, transport, education, hospitality, medical, agriculture, and others. Yadav also highlighted the increase in manufacturing capacities, registration of new industries, and enrollment in the Employees' Provident Fund Organisation (EPFO), indicating positive employment growth.
Indian budget carrier SpiceJet has reportedly not deposited money into its employees' pension funds for at least 18 months and has not submitted employee tax since the last fiscal year. The airline has also delayed salaries to senior employees. In addition to these issues, SpiceJet is involved in legal battles with its former promoter and some lessors.
EPF interest rate for FY 2022-23: Salaried workers are required to make a contribution to the Employees Provident Fund. Additionally, an employer is required to contribute in a matched manner to the EPF account.
On April 12, the Kerala high court had directed the pension fund manager to remove the mandatory submission under Para 26 (6) from its application form within 10 days.
Of the 1.63 million workers added in May, around 1.14 million members exited but rejoined EPFO and opted to transfer their accumulations instead of applying for final settlement
Wednesday i.e., May 3, 2023, is the last day to apply for a higher pension from the Employees' Pension Scheme (EPS). However, many people are still not clear about how to apply, clarification on the replacement mechanism of an additional 1.16% contribution etc. The question arises will the EPFO extend the deadline for the second time?
EPF subscribers have expressed concern because the e-passbook service has been down for a few days. However, members are not able to download their e-passbooks via the EPFO website or on the Umang app.
Actively managed large-cap mutual funds are no longer able to give market-beating returns; here's why
The actively managed large-cap funds are no longer able to keep up with the Sensex or the Nifty even in a minimally sustained manner. There are several reasons for this shift. For one, the increased efficiency and transparency of the market have made it more challenging for fund managers to find undiscovered value and generate alpha.
EPF members can link their Aadhaar to their Universal Account Number (UAN) both online and offline. All employees and unorganised workers must link their Aadhaar cards with their Employee Provident Fund (EPF) accounts in accordance with Section 142 of the Social Security Code 2020. If your UAN is not linked with the Aadhaar number, your employer/establishment will not be able to deposit your monthly contribution from 01.01.2022.
Process of applying for higher pension on unified portal simple, easy to understand: MoS Rameswar Teli
Following the Supreme Court order in November 2022, the Employees' Provident Fund Organisation (EPFO) had given option to subscribers and their employers to jointly opt for higher contributions as per the actual basic wages (higher than threshold of Rs 15,000 per month) on the unified portal.
The recruitment drive aims to fill 418 vacancies for the post of Enforcement Officer/Accounts Officer (EO/AO) and 159 vacancies for the Assistant Provident Fund Commissioner post.
Crucial EPFO board meeting begins today; EPF interest rate for FY2022-23 likely to be announced by tomorrow
The Central Board of Trustees of the EPFO is holding a crucial two-day meeting commencing on Monday in the national capital to decide the EPF interest rate on the retirement corpus for 2022-2023.
Pensioners body EPS-95 National Agitation Committee on Wednesday said its members across the country and in the national capital will go on hunger strike on Thursday to press for their demand of Rs 7,500 minimum monthly pension. Presently, the pensioners under the Employees' Pension Scheme 1995 (EPS-95) run by Employees' Provident Fund Organisation (EPFO) have a minimum monthly pension (entitlement) of Rs 1,000 which was introduced in September 2014.
Employees’ Provident Fund Organisation (EPFO) has invested Rs 1.88 lakh crore, or 8.7% of the total invested corpus, in exchange traded funds (ETFs) over the past five years until March 2023. The remaining 91.3% has been invested in debt instruments, according to Indian Minister of State for Labour and Employment Rameswar Teli.
The Employees Provident Fund Organisation (EPFO) has extended the deadline for the third time to apply for higher EPS from June 26, 2023 previously. The option to apply for higher EPS is available online on the member Sewa website and is available irrespective of whether the EPF account is held with the private trust or EPFO.
The Employees’ Provident Fund Organisation received a total contribution of Rs 64885.60 crore during 2022-23, the highest ever under its Employees’ Pension Scheme, shows the labour ministry’s response to a question in Rajya Sabha on Thursday. This has taken the EPS total corpus to Rs 7,80,308.93 crore in the last fiscal year compared to the total corpus of Rs 6,89,210.20 crore in the preceding financial year. This also includes the interest earned on the investments made by the EPFO from the EPS contribution.
The formula to calculate pension under Employees' Pension Scheme (EPS) was tweaked by the Employees' Provident Fund Organisation (EPFO) in 2014. Further, the EPFO has released a circular clarifying the method of pension computation for those who opt for higher EPS pension. Read on to know the formula for EPS pension calculation.
The EPFO circular issued on February 20, says that the EPF commissioner will specify the form and method for eligible employees to submit the application. The last date to submit the application for a higher pension under the EPS is March 3, 2023, which is just seven days away.
The Excel calculator released by the EPFO on the Member Sewa portal will help an employee to know how much of the past contributions he/she has to pay to opt for higher pension. Once the amount is known, it will make easier for him/her to evaluate the pros and cons of opting for it.
The last date to submit the application for the higher pension under the EPS is March 3, 2023. Hower, the EPFO issued guidelines for existing employees on February 20, 2023. With less than 12 days left for the deadline to expire, there are many documents that an individual has to submit along with the application form. Will EPFO extend deadline to apply for higher pension?
The EPFO has announced the interest rate for EPF accounts for the financial year ended on March 31, 2023. The interest rate for FY 2022-23 has been hiked by 0.05%
The National Pension Scheme also saw a decline in new subscribers, with monthly additions falling 14.6% to 57,695 in May compared with 67,534 in April. However, net additions to the EPF were higher in June as the people exiting EPF were down by almost half, as per provisional data.
A lot is happening at Byju’s. Prosus, one of the company’s major investors, has cited poor corporate governance as the reason for the exit of its representative from Byju’s board last month. This and more in today’s ETtech Top 5.
The landing page of the EPFO’s unified portal showed the ‘Pension on Higher Salary: Exercise of Joint Option under para 11(3) and para 11(4) of EPS-1995 on or before 3rd May 2023’ as a new addition. However, registration forms for pre-September 2014 retirees was inaccessible till the time of going to press.
According to people familiar with the development, Byju’s has made a payment of Rs 123.1 crore to the EPFO for a 10-month period from August 2022 to May 2023, while committing to pay the remaining arrears of Rs 3.43 crore within a couple of days.
. Employees' Provident Fund (EPF) account allows nominees to receive a portion of PF accumulations, EDLI benefits, and pension payments in the case of a member's death.
Responding to an RTI query on February 3, the retirement fund body said it had not received a single application, since the inception of the scheme in March 1996, for permission under a clause now made mandatory to claim the benefit of higher pension.
Higher EPS pension FAQ released: Rules, pension calculation formula, documents — EPFO answers your queries
The FAQs on higher EPS pension cover a wide range of topics, including how to calculate pensions, what documentation EPFO members must send with their application forms, and more.
The retirement fund body will soon approach the finance ministry to seek its clearance for investing the proceeds from ETFs in any permissible asset class to maximise returns. A proposal in this regard was approved by EPFO's central board of trustees in the last week of March, as per the minutes of the meeting where they made the decision. ET has seen the minutes. "It is proposed that proceeds of ETF investments may be re-invested in equity and related instruments which will increase the equity component to the permissible limit in the portfolio," the minutes read.
A high-level committee will soon be formed by EPFO to propose the division of work between two consultants for for equity and debt portfolios
India's Employees Provident Fund Organisation observed a shortfall in Indian edtech startup Byju's from August last year to May 2023, labour ministry sources told Reuters on Tuesday.
It emerged that Bamne received illegal gratification in his as well as his wife's bank accounts through multiple mode of online banking from employees of various establishments in lieu of their claim settlement. It is alleged that Rs 1.77 lakh were credited in his and his wife's accounts by 13 employees of Jet Airways which has stopped operations.
July 11, 2023 is the last date to apply for higher pension under Employees' Pension Scheme (EPS). Once this deadline expires, then an individual will not be able to submit online application form for higher pension. The EPFO in its press release dated June 26, 2023 said that this is a last opportunity to apply for higher EPS pension.
Employees can now determine how much they must contribute in order to obtain a higher pension from the Employees' Pension Scheme (EPS).
The finance ministry in its report said that growth in new business is seen to be behind job creation, particularly in the manufacturing sub-sectors of electronics, auto and auto ancillary and chemicals and the service sector of insurance, hospitality and banking.
The digital repository already has 2,311 issuers on board and is working on having all government departments make documents available on the DigiLocker account of each citizen, people aware of the development said.
The Employees' Provident Fund Organisation (EPFO) is planning to hire two consultants to manage its debt and equity portfolios, thereby reducing its dependence on a sole consultant. A high-level committee will be formed to recommend the division of work. EPFO manages over INR 18 lakh crore in investments, which rises by over INR 1.5 lakh crore yearly with a subscriber base of 6 crore.
The Employees' Provident Fund Organisation of India has launched three committees to create draft schemes for pension, provident fund and insurance under the Social Security Code, 2020. The committees will submit the drafts to EPFO by June 23, 2023, and the central government will consider them. The Social Security Code 2020 consolidates current laws relating to social security and aims to extend social security benefits beyond organised workers to include self-employed, home, wage, migrant, and gig and platform workers, covering life and disability insurance, health and maternity benefits, and provident funds.
The Supreme Court in its judgement dated November 4, 2022 has provided one-time opportunity for eligible employees to opt for higher pension from Employees' Pension Scheme (EPS) under the Employees' Provident Fund (EPF) Scheme. The last date to apply for the same is March 3, 2023. However, the EPFO is yet to issue the circular clarifying the process for opting for higher pension.
The passbook page was not accessible due to “technical maintenance related issues’. ET Wealth Online was able to access the member passbook page on the EPFO portal on January 19, 2023.
The move comes after the central board of trustees of EPFO gave its go ahead to the retirement fund body to change its membership status with ISSA from associate member since 1962 to affiliate member now.
There are a few important personal finance-related deadlines in July that you should be aware of. The following is a list of financial deadlines in July 2023.
EPFO has released important FAQs related to errors members are facing while applying for higher EPS pension. Here are few FAQs when your name, details is not as per UAN.
While a large number of EPFO members, who were member on or after 1 September 2014, are still waiting for it to come out with the guideline for applying the higher pension as per Supreme Court judgement delivered on 4th November 2022, however the department has been so far coming out with circular related to a part of SC judgement which has impact on limited number of members. The current circular impacts those members who retired before September 1, 2014 and got higher pension despite not opting for higher pension as per-amended EPS 95.
The current deadline to apply for higher pension under the Employees’ Pension Scheme ended on June 26, 2023. Prior to this, it was extended twice, once on March 3 and then on May 3.
The Employees' Provident Fund Organisation (EPFO) launched an excel based calculator for eligible employees to calculate the dues that they have to pay to receive higher pension at the time of retirement. Read on to know how you can download it and how it can be used to estimate the money that you have to pay.
As per the circular, the formula for the calculation of higher pension will be different for those retiring before September 1, 2014, and those retiring after this date. The circular has come after the Supreme Court in its judgement dated November 4, 2022 allowed certain employees to apply for higher pension under the EPS.
EPF subscribers have had to struggle with the e-passbook feature being unavailable for several days.
India has generated 1.25 crore new jobs since 2014, according to Union Labour and Employment Minister Bhupender Yadav. Citing data from the Employees Provident Fund Organisation, Yadav said the number of pensioners rose from 51 lakh in 2014-15 to 72 lakh in 2021-22, despite 22 lakh people retiring. The data also revealed the total number of registered subscribers rose from 15.84 crore in 2014-15 to 27.73 crore in 2021-22.
As per the data, 1.25 million members exited but rejoined EPFO in comparison to 1.01million in March 2023. “These are the members who would have switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus extending their social security protection.,” the labour ministry said.
Deadline to apply for higher EPS pension: ET Wealth spoke to experts on whether there is a need to extend the last date to apply for higher EPS pension for a third time. This is what they said.
EPFO has extended the deadline for applying for a higher pension under the Employees' Pension Scheme (EPS) from May 3 to June 26, 2023. This was the EPFO's second extension of the deadline for higher EPS submissions.
Odisha Train Accident: EPFO relaxes norms for EDLI, pension claim, suggests alternatives to death certificate
The competent authority has decided to relax the necessity of a death certificate for EDLI and pension claims relating to deceased members who lost their lives in the train accident in Odisha in order to lessen hardship for family members.
Higher EPS pension: The latest circular is applicable for an eligible employee who does not have proof of joint request/undertaking/permission for making a contribution to the EPF account on full/higher salary (for those where basic salary exceeded the wage limit). The circular is intended to provide the relief and ease the process of applying for higher pension from EPS.
An alloyed pension model will also have to steer the Employees' Provident Fund Organisation (EPFO) further towards equity exposure to take some pressure off the fisc.
While most of the doubts regarding higher EPS pension have been addressed by the EPFO however one clarification regarding the pension computation methodology is still pending. If it is changed significantly it may adversely impact the members by way of pension reduction. Can EPFO do so? Here's what legal experts say.
India's Employees' Provident Fund Organisation (EPFO) has created a five-year perspective plan to upgrade its infrastructure to cater to an expected rise in its subscriber base. The plan will see the creation of independent buildings for all of EPFO's zonal offices, training facilities, regional and district offices, as well as special offices in the north-east.
The Union government on Monday notified 8.15% as the interest rate on deposits under the EPF scheme for 2022-23, as recommended by the retirement fund body’s Central Board of Trustees in March this year. On Monday, EPFO also directed its field offices to credit the interest into the accounts of over 6 crore active members as of March 2023. Interest rate on PF accounts declared in March this year was marginally higher than the four-decade low of 8.1% declared by the government in 2021-22.
Higher EPS pension: EPFO sets 20 days deadline for field offices for validation of joint application
The EPFO claimed in its circular that this action was taken in response to observations made during regular revives that Demand Letters or Communications to Employers has not been issued promptly for cases said to have been scrutinized.
EPFO said applicants will have up to three months to provide written consent to EPFO to either draw arrears from their PF, or to deposit funds separately in case of a shortfall in their PF kitty.
The last date to apply for a higher pension from the Employees' Pension Scheme (EPS) is fast approaching. However, given the issues that are yet to be clarified by the Employees' Provident Fund Organisation (EPFO), there is a need for an extension of the deadline. Here are a few reasons that make a compelling case for the extension of the deadline.
The deadline to apply for higher pension for eligible EPF members, who were in service on or after September 1, 2014, currently ends on May 3, 2023. Despite the SC order giving them 6 months time to come with a replacement mechanism for old higher EPS contribution method the EPFO is yet to reveal its new methodology. Is it fair for EPFO to ask members to give consent without knowing how the dues for missing contribution in past will be calculated?
EPFO had also promised to issue a detailed explainer, which is awaited. The extended deadline for opting for higher pension is May 3
The most recent circular from the Employees' Provident Fund Organisation (EPFO) was published on May 11, 2023, and it clarifies how past-due EPS contributions and accrued interest will be assessed.
EPFO Recruitment 2023: EPFO invites applications for the posts of SSA and Steno; check for more related details
This recruitment drive is set to fill up a total of 2859 vacancies in the organisation. The last date for submitting the online application form is 26th April. Interested candidates should apply at the earliest to avoid any last minute problems.
Higher EPS pension calculation: Know the extra amount you need to pay, returns you will get; should you go for it?
EPFO has clarified many issues related to higher EPS pension computation especially for past missing contribution towards EPS on actual higher wages. However, the most crucial aspect which the eligible members want an answer is how much extra amount they will have to pay for higher pension and whether it will give them a good returns or not. Here's how you can go about it.
As per the provisional data, released on Thursday, formal job creation fell slightly when compared month-on-month with net new employees added to the retirement fund body at 1.48 million in January. According to the data, out of 1.39 million subscribers added to EPFO during the month, around 0.73 million new members have come under the ambit of EPFO for the first time.
The circular issued by the Employees' Provident Fund Organisation (EPFO) on May 11, 2023, clarifies that how dues will be calculated to be paid for higher EPS pension. Further, a written consent is mandatory for diversion or depositing funds for higher pension from EPS. However, what will happen if written consent is not provided by the EPFO?
Formal sector workers under the Employees’ Provident Fund Organisation surged by 13.2% to 13.9 million in 2022-23 compared to 12.2 million in 2021-22, shows the provisional payroll data released by the retirement fund body on Saturday.
The Kerala HC on Wednesday ordered the Employees' Provident Fund Organisation (EPFO) to allow subscribers to contribute towards higher pension without insisting on proof of having opted for the same earlier. The court further directed that feasible alternative arrangements, including permission to submit hard copies of the options, should be made or granted if appropriate modifications cannot be made in the online facility.
How much time limit do eligible employees have to give consent for deposit, divert money for higher EPS pension to EPFO?
The Employees' Provident Fund Organisation (EPFO) has extended the deadline for EPS higher pension applications from May 3 to June 26, 2023.
Retirement fund body EPFO fixed 8.15 per cent rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its meeting on Tuesday. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21.EPFO declares 8.15 pc as rate of interest on employees' provident fund for 2022-23