EPF information: Interest price slashed from 8.5 per cent to eight.1

India

oi-Prakash KL

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Google Oneindia News

New Delhi, Mar 12: The Workers’ Provident Fund Organisation (EPFO) on Saturday fastened 8.1 per cent as the speed of curiosity on provident fund deposits for the present monetary 12 months 2021-22, sources informed PTI. That is the bottom since 1977-78, when the EPF rate of interest stood at 8 per cent.

EPF news: Interest rate slashed from 8.5 per cent to 8.1

“The Employees’ Provident Fund Organisation’s (EPFO’s) apex decision making body Central Board of Trustees has decided to provide 8.1 per cent rate of interest on Employees Provident Fund (EPF) for 2021-22 in its meeting held on Saturday,” a supply mentioned.cThe resolution was taken in EPFO’s central board of trustees assembly right this moment.

For its over 5 crore subscribers, the 8.5 per cent rate of interest on EPF deposits for 2020-21 was determined by the Central Board of Trustees (CBT) in March 2021.

It was ratified by the finance ministry in October 2021 and thereafter, EPFO issued instructions to subject places of work to credit score the curiosity revenue at 8.5 per cent for 2020-21 into the subscribers’ account.

Now, after the CBT resolution, the rate of interest on EPF deposits for 2021-22 will likely be despatched to the Ministry of Finance for concurrence. EPFO supplies the speed of curiosity solely after it’s ratified by the federal government via the finance ministry.

In March 2020, EPFO had lowered the rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent offered for 2018-19.

The EPF rate of interest offered for 2019-20 was the bottom since 2012-13, when it was introduced down to eight.5 per cent.

EPFO had offered 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18.

The speed of curiosity was barely larger at 8.8 per cent in 2015-16.

It had given 8.75 per cent price of curiosity in 2013-14 in addition to 2014-15, larger than 8.5 per cent for 2012-13.

The speed of curiosity was 8.25 per cent in 2011-12.

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