EPFO fixes 8.15 pc interest rate on employees' provident fund for 2022-23
New Delhi (PTI): 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.
This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
"The Employees' Provident Fund Organisation's apex decision making body Central Board of Trustees (CBT) has decided to provide 8.15 per cent rate of interest on EPF for 2022-23 at its meeting on Tuesday," a source said.
The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021.
After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to Ministry of Finance for concurrence.
After the government's ratification, the interest rate on EPF for 2022-23 will be credited into accounts of over five crore subscribers of EPFO.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.
EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.
The retirement fund body had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.
The rate of interest was 8.25 per cent in 2011-12.
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Interim stay on order suspending manufacture of 14 Patanjali drugs: Official
Dehradun, May 17: An interim stay was put on Friday on the implementation of an order suspending manufacturing licences of more than a dozen medicines of Patanjali Ayurved Ltd and Divya Pharmacy.
The interim stay is being imposed with immediate effect on the basis of a preliminary inquiry report of a high level committee, Pankaj Kumar Pandey, Secretary Ayush, Uttarakhand government said in an order.
"The order of the suspension is illegal and should not have been passed by the licensing authority in the manner it has been passed," the committee looking into the matter said in its report.
The firms had challenged the last month's suspension order of the Uttarakhand state licensing authority.
"Since the licence has been cancelled without following the procedure established by law, the committee is submitting its report to the government of Uttarakhand for appropriate decision," it said.
The State Licensing Authority, Ayurvedic and Unani Services had suspended the manufacturing licence of 14 Patanjali products last month under Drugs and Cosmetics Act 1945 and Drugs and Magic Remedies (Objectionable Advertisements) Act 1954.
The medicines whose manufacturing licence had been suspended included Swasari Gold, Swasari Vati, Bronchom, Swasari Pravahi, Swasari Avaleh, Mukta Vati Extra Power, Lipidom, BP Grit, Madhugrit, Madhunashini Vati Extra Power, Livamrit Advance, Livogrit, Eyegrit Gold and Patanjali Drishti Eyedrop.
