EPF interest rate: When will subscribers receive payment?
India Today
The 8.1 per cent interest rate was recommended by the Central Board of Trustees (CBT). The recommendation will now go to the Union Finance Ministry and will be notified once it is approved by it.
Employees' provident fund (EPF) interest rate was cut to a four-decade low of 8.1 per cent for the 2021-22 fiscal. The interest rate on PF deposits was 8.5 per cent in the previous financial year. Subscribers are now awaiting the payment of interest on their PF accounts from Employees Provident Fund Organisation (EPFO).
The EPFO paid 8.5 per cent interest rate to its subscribers in 2020-21, the same as in the previous year. The EPF rate was 8.65 per cent in 2018-19 and 8.55 per cent in 2017-18. In 2016-17, the EPF interest rate was at 8.65 per cent.
This is the lowest interest rate since 1977-78 on deposits that employees make towards their retirement fund. Interest rates on employees provident funds that year stood at 8 per cent.
The 8.1 per cent interest rate was recommended by the Central Board of Trustees (CBT) after its meeting in Guwahati under the chairmanship of Union Labour and Employment Minister Bhupendra Yadav, a labour ministry statement said.
"The Central Board recommended 8.10 per cent annual rate of interest to be credited on EPF accumulations in members' accounts for the financial year 2021-22 (ending on March 31, 2022)," it said.
The recommendation will now go to the Union Finance Ministry and will be notified once it is approved by it.
"The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into its subscribers' accounts," the statement said.
