Employees’ Provident Fund (EPF) is a retirement benefits scheme where the employee contributes 12% of his basic salary and dearness allowance every month. The employer also contributes an equivalent amount (8.33% towards EPS and 3.67% towards EPF) in the employee’s account. The employee can withdraw the accumulated corpus at the time of retirement and also during the service period under some conditions and for specific purposes.
The money contributed earns interest at a rate announced by the government every year. Read on to find out more about the current EPF interest rate 2022-23, interest calculation method and more.