The government has approved an interest rate of 8.15 percent for deposits under the Employees Provident Fund (EPF) scheme for the financial year 2022-23. Last year’s interest rate was 8.10 percent.
- As of 31st March of the current year, there were over four thousand nine hundred crore rupees lying in the inoperative accounts of the EPF Scheme.
- Any employee of a covered establishment drawing monthly wages up to 15,000 rupees is required by law to join the EPF scheme and contribute 12 percent of their wages, and the employer is also required to contribute 12 percent of the wages.
Q.: What is the approved interest rate on deposits under the Employees Provident Fund scheme for the financial year 2022-23?
a) 8.10 percent
b) 8.15 percent
c) 8.20 percent
d) 8.05 percent
Ans : b) 8.15 percent