Govt approves four-decade low 8.1% interest on EPF deposits | Business News,The Indian Express
According to an EPFO office order issued on Friday, the Ministry of Labour and Employment has conveyed approval of the central government to credit 8.1 per cent rate of interest for 2021-22 to each member of the EPF scheme.
The Union government has approved an interest rate of 8.1 per cent on employees’ provident fund (EPF) deposits for 2021-22 for about five crore subscribers of retirement fund body — Employees’ Provident Fund Organisation (EPFO).
The rate of interest is the lowest since 1977-78 when it stood at 8 per cent.
Earlier in March, the EPFO had decided to cut the interest on PF deposits from 8.5 per cent provided in 2020-21 to 8.1 per cent for 2021-22.
According to an EPFO office order issued on Friday, the Ministry of Labour and Employment has conveyed approval of the central government to credit 8.1 per cent rate of interest for 2021-22 to each member of the EPF scheme.
The labour ministry had sent the proposal to the Ministry of Finance for its concurrence. After the government’s consent to the interest rate, the EPFO would now start crediting the fixed rate of interest for the fiscal into the EPF accounts.
https://indianexpress.com/article/business/epfo-interest-rates-2021-22-7951504/
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