Interest Rates Used for Computation of Back Pay
Fact Sheet: Interest Rates Used for Computation of Back Pay
| FIRST DAY OF QUARTER: | ANNUAL INTEREST RATE: |
|---|---|
| July 1, 2023 | 7 |
| April 1, 2023 | 7 |
| January 1, 2023 | 7 |
| October 1, 2022 | 6 |
| July 1, 2022 | 5 |
| April 1, 2022 | 4 |
| January 1, 2022 | 3 |
| October 1, 2021 | 3 |
| July 1, 2021 | 3 |
| April 1, 2021 | 3 |
| January 1, 2021 | 3 |
| October 1, 2020 | 3 |
| July 1, 2020 | 3 |
| April 1, 2020 | 5 |
| January 1, 2020 | 5 |
| October 1, 2019 | 5 |
| July 1, 2019 | 5 |
| April 1, 2019 | 6 |
| January 1, 2019 | 6 |
| October, 1, 2018 | 5 |
| July, 1, 2018 | 5 |
| April 1, 2018 | 5 |
| January 1, 2018 | 4 |
| October 1, 2017 | 4 |
| July 1, 2017 | 4 |
| April 1, 2017 | 4 |
| January 1, 2017 | 4 |
| October 1, 2016 | 4 |
| July 1, 2016 | 4 |
| April 1, 2016 | 4 |
| January 1, 2016 | 3 |
| October 1, 2015 | 3 |
| July 1, 2015 | 3 |
| April 1, 2015 | 3 |
| January 1, 2015 | 3 |
| October 1, 2014 | 3 |
| July 1, 2014 | 3 |
| April 1, 2014 | 3 |
| January 1, 2014 | 3 |
| October 1, 2013 | 3 |
| July 1, 2013 | 3 |
| April 1, 2013 | 3 |
| January 1, 2013 | 3 |
| October 1, 2012 | 3 |
| July 1, 2012 | 3 |
| April 1, 2012 | 3 |
| January 1, 2012 | 3 |
| October 1, 2011 | 3 |
| July 1, 2011 | 4 |
| April 1, 2011 | 4 |
| January 1, 2011 | 3 |
| October 1, 2010 | 4 |
| July 1, 2010 | 4 |
| April 1, 2010 | 4 |
| January 1, 2010 | 4 |
| October 1, 2009 | 4 |
| July 1, 2009 | 4 |
| April 1, 2009 | 4 |
| January 1, 2009 | 5 |
| October 1, 2008 | 6 |
| July 1, 2008 | 5 |
| April 1, 2008 | 6 |
| January 1, 2008 | 7 |
| October 1, 2007 | 8 |
| July 1, 2007 | 8 |
| April 1, 2007 | 8 |
| January 1, 2007 | 8 |
| October 1, 2006 | 8 |
| July 1, 2006 | 8 |
| April 1, 2006 | 7 |
| January 1, 2006 | 7 |
| October 1, 2005 | 7 |
| July 1, 2005 | 6 |
| April 1, 2005 | 6 |
| January 1, 2005 | 5 |
| October 1, 2004 | 5 |
| July 1, 2004 | 4 |
| April 1, 2004 | 5 |
| January 1, 2004 | 4 |
| October 1, 2003 | 4 |
| July 1, 2003 | 5 |
| April 1, 2003 | 5 |
| January 1, 2003 | 5 |
| October 1, 2002 | 6 |
| July 1, 2002 | 6 |
| April 1, 2002 | 6 |
| January 1, 2002 | 6 |
| October 1, 2001 | 7 |
| July 1, 2001 | 7 |
| April 1, 2001 | 8 |
| January 1, 2001 | 9 |
| October 1, 2000 | 9 |
| July 1, 2000 | 9 |
| April 1, 2000 | 9 |
| January 1, 2000 | 8 |
| October 1, 1999 | 8 |
| July, 1, 1999 | 8 |
| April 1, 1999 | 8 |
| January 1, 1999 | 7 |
| October 1, 1998 | 7 |
| July 1, 1998 | 7 |
| April 1, 1998 | 7 |
| January 1, 1998 | 8 |
| October 1, 1997 | 8 |
| July 1, 1997 | 8 |
| April 1, 1997 | 8 |
| January 1, 1997 | 8 |
| October 1, 1996 | 8 |
| July 1, 1996 | 8 |
| April 1, 1996 | 7 |
| January 1, 1996 | 8 |
| October 1, 1995 | 8 |
| July 1, 1995 | 8 |
| April 1, 1995 | 9 |
| January 1, 1995 | 8 |
| October 1, 1994 | 8 |
| July 1, 1994 | 7 |
| April 1, 1994 | 6 |
| January 1, 1994 | 6 |
| October 1, 1993 | 6 |
| July 1, 1993 | 6 |
| April 1, 1993 | 6 |
| January 1, 1993 | 6 |
| October 1, 1992 | 6 |
| July 1, 1992 | 7 |
| April 1, 1992 | 7 |
| January 1, 1992 | 8 |
| October 1, 1991 | 9 |
| July 1, 1991 | 9 |
| April 1, 1991 | 9 |
| January 1, 1991 | 10 |
| October 1, 1990 | 10 |
| July 1, 1990 | 10 |
| April 1, 1990 | 10 |
| January 1, 1990 | 10 |
| October 1, 1989 | 10 |
| July 1, 1989 | 11 |
| April 1, 1989 | 11 |
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This chart provides Internal Revenue Service (IRS) quarterly interest rates used to compute back pay. The IRS updates the interest rates on January 1, April 1, July 1, and October 1 each year. IRS issues these quarterly interest rates through a news release on its website.
This chart is provided as a convenience for Federal agencies. You may find older interest rates from periods July 1, 1975, through December 1, 1989, here.
- The Office of Personnel Management (OPM) provides a Back Pay Calculator that may be used to calculate interest on back pay. OPM preloads the interest rates from this chart into the Back Pay Calculator back to April 1, 1989.
- References: Law: 5 U.S.C. 5596; Regulations: 5 CFR 550.801-808