Wednesday, June 29, 2022
BusinessEPF Interest Rate on Provident Fund Slashed from 8.5% to 8.1%

EPF Interest Rate on Provident Fund Slashed from 8.5% to 8.1%

The interest rate on workers’ futures deposits for 2020-21 was set at 8.5 per cent by the Central Board of Trustees in March 2021.

The Employees Provident Fund Organisation has decided to reduce the interest rate on Employees Provident Funds from 8.50 percent to 8.10 percent for the financial year 2021-22. Interest rates on workers’ deposits have fallen since 1977-78.

Already, the 8.5% interest rate on Employee’s futures deposits for 2020-21 has been set by the Central Board of Trustees in March 2021.

Last October, guidelines were issued to field offices for crediting interest income of 8.5 per cent to subscribers’ accounts for 2020-21.

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Following the decision of the Central Board of Trustees, the interest rate on Employees Futures Deposit Fund deposits for 2021-22 is sent to the Ministry of Finance for approval. It is noteworthy that the deposit fund offers an interest rate only after it is approved by the government through the Ministry of Finance.

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