Employees’ provident fund interest rate for 2021-22 has been reportedly slashed to 8.1% from the existing 8.5% for 2021-22 on Saturday. This is the lowest rate since 1977-78, when it was 8%, labour ministry sources said.
The decision was taken during the meeting of the EPFO’s central board of trustees, which was held in Guwahati. The board’s recommendation will be sent to finance ministry soon. Once the finance ministry ratifies the board’s decision, EPFO will direct its field offices to credit the interest income calculated at the new rate of 8.1% for 2021-22 in the subscribers’ accounts.
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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% for 2019-20, from 8.65% 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%.
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