Government approves 8.1% interest on EPF contributions for 2021-22, a four-decade low, for 5 crores EPF users (EPFO).
EPFO lowered provident fund deposit interest for 2021-22 to 8.1% from 8.5% in 2020-21.
According to an EPFO office decision released Friday, the Ministry of Labour and Employment has approved crediting 8.1% interest to each EPF member years 2021-22.
The Labour Ministry requested approval from the Finance Ministry.
After the government ratifies the interest rate, the EPFO will start crediting money to EPF accounts.
The 8.1% EPF interest rate is the lowest since 1977-78.
The CBT decided in March 2021 to pay 8.5% interest on EPF deposits years 2020-21.
It was ratified in October 2021. The EPFO then told field offices to credit subscribers’ accounts with 8.5% interest for 2020-21.
EPFO lowered the interest rate on provident fund deposits to 8.5% for 2019-20 from 8.65% in 2018-19.
In 2019-20, the EPF interest rate was 8.5%, the lowest since 2012-13.
In 2016-17, EPFO gave its customers 8.65%, and in 2017-18, 8.555%.
2015-16 rates were 8.8%. Its 2013-14 and 2014-15 interest rates were 8.75%, higher than 2012-13’s 8.5%. 2011-12 interest rate: 8.25%
Source: NDTV
