EPFO reduces rate of interest to 8.1% from 8.5% for 2021-22 on EPF down payments
- EPFO chooses to reduce the passion on provident fund down payments for 2021-22
- This is the most affordable because 1977-78, when EPF rate of interest stood at 8 percent
- EPF rate of interest offered 2019-20 was cheapest because 2012-13, when it was reduced to 8.5%
PF News: Retirement fund body EPFO on Saturday determined to reduce the passion on provident fund down payments for 2021-22 to an over four-decade low of 8.1 percent for its regarding 5 crore customers, from 8.5 percent offered in 2020-21, resources claimed.
This is the most affordable 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,” a resource claimed.
The 8.5 percent rate of interest on EPF down payments for 2020-21 was chosen by the Central Board of Trustees (CBT) in March 2021.
It was validated by the financing ministry in October 2021 and also after that, EPFO released instructions to area workplaces to attribute the passion earnings at 8.5 percent for 2020-21 right into the customers’ account.
Now, after the CBT choice, the rate of interest on EPF down payments for 2021-22 will certainly be sent out to the Ministry of Finance for concurrence.
EPFO supplies the interest rate just after it is validated by the government with the financing ministry.
In March 2020, EPFO had actually decreased the rate of interest on provident fund down payments to a 7-year reduced of 8.5 percent for 2019-20, from 8.65 percent offered 2018-19.
The EPF rate of interest offered 2019-20 was the most affordable because 2012-13, when it was reduced to 8.5 percent.
EPFO had actually offered 8.65 percent rate of interest to its customers in 2016-17 and also 8.55 percent in 2017-18.
The interest rate was somewhat greater at 8.8 percent in 2015-16.
It had actually provided 8.75 percent interest rate in 2013-14 along with 2014-15, more than 8.5 percent for 2012-13.
The interest rate was 8.25 percent in 2011-12.