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HomeFinanceEPF interest rate of 8.1% approved by govt; Details here: PF Update

EPF interest rate of 8.1% approved by govt; Details here: PF Update

In March, EPFO sliced the interest rate on employees' PF deposits to a four-decade low of 8.1 percent for the monetary year 2021-22,

New Delhi: The central government has supported a 8.1 percent interest rate on employees PF Fund deposit for the financial year 2021-22. This is reported after the Union Finance Ministry approves the interest rate.

In March, the Employees’ Provident Fund Organization, or EPFO, cut the interest rate on employees PF Fund deposit to a four-decade low of 8.1 percent for the monetary year 2021-22, down from 8.5 percent the prior year. On worker stores to their retirement reserve, this is the least loan fee beginning around 1977-78. That year, the interest rate on employees provident fund was 8%.


As indicated by an EPFO office request gave on Friday and audited by PTI, the Ministry of Labor and Employment has passed endorsement of the central government on to credit 8.1 percent pace of revenue for 2021-22 to every individual from the EPF scheme.

The work service had sent the proposition to the Ministry of Finance for its simultaneousness.

Presently, after the approval of the interest rate by the government, the EPFO would begin crediting the decent pace of revenue for the monetary into the EPF accounts.

The 8.1 percent EPF pace of revenue is the most reduced beginning around 1977-78, when it remained at 8%.

The 8.5 percent interest rate on EPF deposits for 2020-21 was chosen by the Central Board of Trustees (CBT) in March 2021.

It was endorsed by the money service in October 2021. From there on, the EPFO gave headings to handle workplaces to credit the premium pay at 8.5 percent for 2020-21 into the supporters’ record.

An EPFO legal administrator, K E Raghunathan, who addresses businesses, said the speed with which the services of work and money have cleared the loan fee is truly obvious, taking into account the desperate need of assets in the possession of representatives and it will assist them with meeting costs like instructive requirements of their youngsters.

In March 2020, the EPFO had brought down the interest rate on PF deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent in 2018-19.

The EPF interest rate accommodated 2019-20 was the least beginning around 2012-13, when it was carried down to 8.5 percent.

EPFO had given 8.65 percent interest rate to its supporters in 2016-17 and 8.55 percent in 2017-18.

The pace of interest was marginally higher at 8.8 percent in 2015-16. It had given 8.75 percent pace of revenue in 2013-14 as well as 2014-15, higher than the 8.5 percent for 2012-13. The pace of interest was 8.25 percent in 2011-12.

Source

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