On Tuesday, the interest rate on balances in Employees’ Provident Fund (EPF) accounts will be finalised. According to 2021-22, the interest rate is expected to remain at 8.1% for fiscal year 2022-23. The main item on the agenda of the EPFO Central Board of Trustees’ meeting on the 27th and 28th of this month is the finalisation of interest rates. However, trade unions are calling for an increase in the interest rate.
According to a government release, the interest rate would be officially notified in the government gazette after approval from the Ministry of Finance, after which EPFO would credit the rate of interest into the accounts of its users.According to the Union Labour Ministry, the decision involves the distribution of more than 90,000 crore in member accounts. The EPFO’s total principal amount is 11 lakh crore. The total amount of interest paid in the previous fiscal year was 77,424.84 crore for a principal amount of approximately 9.56 lakh crore.
Post Your Comments