PF Accounts :Big News! Huge loss on 6 crore PF accounts, EPFO ​​reduced interest rate

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Good news for employees! 8.5% increase in DA, will be applicable from October 1, benefits will be available in November salary
Good news for employees! 8.5% increase in DA, will be applicable from October 1, benefits will be available in November salary

The Employees’ Provident Fund Organization has given a big blow this time. The Central Board of Trustees of EPFO ​​has reduced the interest rate on 6 crore EPF accounts for 2021-22. It has come down to the lowest level in four decades.

There is bad news for 6 crore employed people. The Employees’ Provident Fund Organization (EPFO) has given a big blow this time before Holi. The Central Board of Trustees of EPFO ​​has reduced the interest rate on PF deposits for 2021-22. The interest rate approved has been reduced to 8.10%, which is the lowest in four decades. It will be sent to the Finance Ministry for approval.

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News agency PTI said that this is the lowest since 1977-78, during which the interest rate on EPF used to be 8%. The Central Board of Trustees, the apex decision-making body of the Employees’

Provident Fund Organization, in its meeting held on Saturday, decided to give 8.1% interest rate on Employees’ Provident Fund (EPF) account for 2021-22.

Let us inform that in March last year, the Central Board of Trustees (CBT) had fixed 8.5% interest rate on EPF deposits for 2020-21. This was approved by the Finance Ministry in October 2021 and thereafter the EPFO ​​directed the field offices to credit the interest income at 8.5% in the account of subscribers for 2020-21.

Now after the decision of CBT, the new interest rate on EPF deposits for 2021-22 will be sent to the Finance Ministry for consent. The EPFO ​​pays interest only after the government gets its permission through the Ministry of Finance.

In March 2020, EPFO ​​had reduced the interest rate on provident fund deposits to 8.5% from 8.65% for 2018-19. The EPF interest rate for 2019-20 was the lowest since 2012-13, when it was reduced to 8.5%.

EPFO had given 8.65 percent interest to its members in 2016-17 and 8.55 percent in 2017-18. The interest rate was slightly higher at 8.8 per cent in 2015-16.

The organization had given 8.75 per cent interest in 2013-14 as well as 2014-15, which is higher than 8.5 per cent in 2012-13. The interest rate in 2011-12 was 8.25%.

 

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