The Central Government has approved 8.5 percent interest on Employees’ Provident Fund ie EPF (Employees’ Provident Fund) for the financial year 2020-21.
New Delhi. The central government has given a wonderful gift to more than 5 crore employed people across the country on the occasion of Diwali. Actually, the Central Government has approved 8.5 percent interest on the Employees’ Provident Fund ie EPF (Employees’ Provident Fund) for the financial year 2020-21.
This is good news just before Diwali for more than 5 crore subscribers of the Employee Provident Fund Organization or EPFO, an organization associated with retirement funds. In March this year, the Central Board of Trustees (CBT), headed by the Labor Minister, had fixed 8.5 per cent interest rate on Employees’ Provident Fund deposits for the last financial year. CBT is the apex decision making body of EPFO.
Govt approves 8.5 pc rate of interest on employees’ provident fund for 2020-21: Sources
— Press Trust of India (@PTI_News) October 29, 2021
The interest rate for 2019-20 was 8.5 percent,
a source said on Friday, “The Finance Ministry has approved the interest rate on EPF for 2020-21 and now it will be credited to the accounts of more than five crore subscribers.” In March last year, the EPFO had reduced the interest rate on Employee Provident Fund for 2019-20 to 8.5 per cent, the lowest in 7 years. It was 8.65 per cent in 2018-19.
The interest rate was 8.65 percent in 2016-17,
The EPF interest rate provided for the financial year 2019-20 was the lowest since 2012-13. This was reduced to 8.5 per cent in 2012-13. The EPFO had given 8.65 per cent interest to its subscribers in 2016-17 and 8.55 per cent in 2017-18, which was slightly higher than 8.8 per cent in 2015-16.
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