The Central Board of Trustees (CBT), the decision-making body of the Employees' Provident Fund Organization (EPFO), is going to meet next month to decide on the interest rates for the current financial year.
EPFO Interest Rate: The account holders of EPFO are going to get great news. How much interest the employees will get on PF for the financial year 2021-22 will be decided next month.
The Central Board of Trustees (CBT), the decision-making body of the Employees' Provident Fund Organization (EPFO), is going to meet next month to decide on the interest rates for the current financial year.
Union Labor Minister Bhupendra Yadav gave this information to PTI. Yadav said, the meeting of the Central Board of Trustees of EPFO will be held in Guwahati in March, in which the proposal to fix the interest rates for 2021-22 is listed. When asked whether the EPFO will retain the interest rate of 8.5 percent for 2021-22 as in 2020-21, Yadav said that the decision will be taken on the basis of earnings estimates for the next financial year. Yadav is the head of CBT.
In March 2021, the CBT had fixed an interest rate of 8.5 percent for EPF deposits for 2020-21. It was approved by the Finance Minister in October 2021. After that EPFO had directed its field offices to deposit 8.5 percent interest in the accounts of the subscribers for 2020-21.
After the interest rate is decided by the CBT, it is sent for the approval of the Ministry of Finance. In March 2020, the EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20. In 2018-19, 8.65 percent interest was given on EPFO.
EPFO had given 8.65 percent interest in 2016-17 and 2017-18 also. The interest rate in 2015-16 was 8.8 percent. At the same time, the interest of 8.75 percent was given in 2013-14 and 8.75 percent in 2014-15 also. However, in 2012-13 the interest rate was 8.5 percent. It was 8.25 percent in 2011-12.