EPFO News: EPFO has given a big blow to the employed people. EPFO has reduced the interest rate instead of increasing it.
An interest rate of 8.1 percent has been announced for the financial year 2021-22, which was 8.5 percent in 2020-21.
EPFO Latest News: There is bad news for the employed. People who have been waiting for EPFO interest rates to increase for a long time have got a big setback. Before the festival, EPFO has reduced the interest rate instead of increasing it.
An interest rate of 8.1 percent has been announced for the financial year 2021-22, which was 8.5 percent in 2020-21. Sources have got this information.
Not only this, let us tell you that the interest on provident fund deposits has come down to a four-decade low. This is the lowest since 1977-78, when the EPF interest rate was 8 per cent.
EPFO gave a big blow!
Actually, EPFO meeting is going on in Guwahati at this time. According to information received from sources, the Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund Organization (EPFO), in its meeting held on Saturday, has decided to give 8.1 percent interest rate on EPF for 2021-22. ‘
Earlier, the CBT had fixed an interest rate of 8.5 percent on EPF deposits for 2020-21 in March 2021.
Finance Ministry will give consent
After the decision of CBT taken in this meeting, the interest rate on EPF deposit for 2021-22 will be sent to the Finance Ministry for consent. After this, the EPFO is stamped on behalf of the government through the Ministry of Finance, after which it provides the interest rate.
interest rate decreasing every year
Earlier in March 2020, EPFO had reduced the interest rate on provident fund deposits to 8.5 per cent from 8.65 per cent for 2018-19. At the same time, the interest rate for the year 2019-20 had come down to a seven-year low. Let us tell you that the interest rate of EPF given for the financial year 2019-20 was the lowest since 2012-13.
Know earlier interest rates
It is worth noting that EPFO had given 8.55 percent interest rate to its subscribers in 2017-18. Earlier it was 8.65 per cent in 2016-17.
At the same time, in the financial year 2015-16, the interest rate was slightly higher at 8.8 percent. Earlier, in 2013-14 as well as in 2014-15, 8.75 percent interest was given, which is more than 8.5 percent in 2012-13. The interest rate in 2011-12 was 8.25 per cent.
