Government Okays Four-Decade Low 8.1% Interest On EPF Deposits For 2021-22

Government has approved 8.1 per cent rate of interest on employees' provident fund (EPF) deposits for 2021-22

Government has approved 8.1 per cent rate of interest on employees' provident fund (EPF) deposits for 2021-22 - an over four-decade low - for about five crore subscribers of retirement fund body Employees Provident Fund Organisation (EPFO).

Earlier in March this year, EPFO had decided to lower the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5 per cent provided in 2020-21.

According to an EPFO office order issued on Friday, the Ministry of Labour and Employment has conveyed approval of the central government to credit 8.1 per cent rate of interest for 2021-22 to each member of the EPF scheme.

The Labour Ministry had sent the proposal to the Ministry of Finance for its concurrence.