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India
oi-Prakash KL
New Delhi, Jun 3: The Centre has authorized 8.1 per cent fee of curiosity on staff’ provident fund (EPF) deposits for 2021-22, PTI reported.
As per an EPFO workplace order issued on Friday and reviewed by PTI, the Ministry of Labour and Employment has conveyed approval of the central authorities to credit score 8.1 per cent fee of curiosity for 2021-22 to every member of the EPF scheme. The 8.1 per cent EPF fee of curiosity is the bottom since 1977-78, when it stood at 8 per cent.
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The labour ministry had despatched the proposal to the Ministry of Finance for its concurrence.
Now, after the ratification of the rate of interest by the federal government, the EPFO would begin crediting the fastened fee of curiosity for the fiscal into the EPF accounts.
The 8.5 per cent rate of interest on EPF deposits for 2020-21 was determined by the Central Board of Trustees (CBT) in March 2021. In March 2020, the EPFO had lowered the rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.
The EPF rate of interest offered for 2019-20 was the bottom since 2012-13, when it was introduced down to eight.5 per cent.
EPFO had offered 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18.
The speed of curiosity was barely greater at 8.8 per cent in 2015-16. It had given 8.75 per cent fee of curiosity in 2013-14 in addition to 2014-15, greater than the 8.5 per cent for 2012-13. The speed of curiosity was 8.25 per cent in 2011-12.
An EPFO trustee, Okay E Raghunathan, who represents employers, mentioned the pace with which the ministries of labour and finance have cleared the rate of interest is admittedly considerable, contemplating the dire want of funds within the fingers of staff and it’ll assist them meet bills resembling academic wants of their youngsters.
Story first printed: Friday, June 3, 2022, 21:58 [IST]
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