EPFO to take call on interest rate for 2021-22 in March

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EPFO’s apex decision-making body Central Board of Trustee will take a invoke charge per unit on employees’ provident fund deposits for 2021-22 in its meeting next month.

“The Employees’ Provident Fund Organization (EPFO) CBT meeting are command in Guwahati in March where the proposal for a charge per unit for 2021-22 would be listed as a result of its end of the business year,” Union Labor Minister Bhupender Yadav told PTI once asked relating to EPF interest rate for 2021-22.

 Asked whether or not or not EPFO would maintain the 8.5 percent interest rate for 2021-22 as determined for 2020-21, Yadav, who additionally heads the CBT, same the selection would be taken on the premise of monetary gain projection for the monetary year.

The 8.5 percent charge per unit on EPF deposits for 2020-21 make up my mind by the Central Board of Trustees (CBT) in March 2021.

It had been sanctioned by the finance ministry in New Style calendar month 2021 and thereafter, EPFO issued directions to field offices to credit the interest financial gain at 8.5 percent for 2020-21 into the subscribers’ account. The EPF interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent.

Once CBT decides associate charge per unit on EPF deposits for a business year, it’s sent to the Ministry of Finance for concurrence. EPFO provides the speed of interest alone once it’s sanctioned by the government through the finance ministry.

In March 2020, EPFO had a down charge per unit on provident fund deposits to a seven-year low of 8.5 percent for 2019-20, from 8.65 percent provided for 2018-19.

The EPF charge per unit provided for 2019-20 was the lowest since 2012-13 when it had been brought right down to 8.5 percent. EPFO had provided an 8.65 percent interest rate to its subscribers in 2016-17 and 8.55 percent in 2017-18.

The speed of interest was slightly higher at 8.8 percent in 2015-16. It had given an 8.75 percent rate of interest in 2013-14 additionally as in 2014-15, on top of 8.5 percent for 2012-13. The speed of interest was 8.25 percent on a provident fund in 2011-12.

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