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Employees’ Provident Fund Rate of interest for 2021-22 has been lowered from the existing 8.5 percent to 8.1 percent.
With a cut of 40 basis factors, the brand-new rates of interest is the most affordable in concerning four-decades which would certainly come as a problem for concerning 5 crore EPFO (Employees Provident Fund Organization) customers. This is the most affordable rates of interest in around 4 years because 1977-78, when the EPF rate of interest stood at 8 percent.
“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,” which was held in Guwahati. The board’s recommendation will be sent to the finance ministry soon. This is the lowest rate since 1977-78 when it was 8 percent, labor ministry sources said.
When the financing ministry validates the board’s choice, EPFO will certainly guide its area workplaces to attribute the passion earnings determined at the brand-new price of 8.1 percent for 2021-22 in the customers’ accounts.
EPFO INDIA
There are around five crore subscribers of Employees’ Provident Fund Organsation (EPFO).
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.
The EPF interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent.
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.
It 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.
Official Portal :Employees’ Provident Fund Organisation
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