Government Assures Provident Fund (EPFO) Subscribers They Will Not Lose Interest
NDTV
Delay in crediting interest for 2021-22 has caused concern that savers will be deprived of their provident fund interest.
Allaying fears of crores of its subscribers, the Employees' Provident Fund Organisation (EPFO) has said that it has started crediting interest for the financial year 2021-22, and there will be no loss of interest. The process of crediting interest is ongoing and it will get reflected into your account soon. Whenever the interest is credited, it will be paid in full. There will be no loss of interest. There is no loss of interest for any subscriber.The interest is being credited in the accounts of all EPF subscribers. However, that is not visible in the statements in view of a software upgrade being implemented by EPFO to account for change in the tax incidence. (1/2) https://t.co/HoY0JtPjII
Earlier in June, the government had approved 8.1 per cent interest for 2021-22 for its over five crore subscribers.
The retirement fund body typically starts crediting the interest into provident accounts after the government ratifies the interest rate.
Deposit statements, however, were not showing interest accrued for the previous financial year, causing concerns among over five crore subscribers. They feared that they would lose interest part.
