The EPFO is to decide on the interest rate on PF for the financial year 2021-22. After the consent, the CBT will submit its recommendations to the Finance Ministry.
Employee Pension Scheme : On March 12, the Modi government can give the gift of Holi to more than 6.5 crore PF account holders of Employees’ Provident Fund Organization (EPFO). On March 11-12, a big meeting of the Central Board of Trustees (CBT) of EPFO is going to be held in Guwahati, in which a decision can be taken on increasing the interest rates and pension. Union Ministers will also participate in this meeting and it is expected that That the government can increase the interest rates on PF.
According to media reports, the Central Board of Trustees (CBT), the apex decision-making body of EPFO, has called a big meeting on March 11-12 in Guwahati, the capital of Assam, to discuss the interest rate on PF for the EPFO financial year 2021-22 ( Interest Rate on EPF) is to be decided. After the consent, the CBT will submit its recommendations to the Ministry of Finance, where the interest rates will be finalized. There is a possibility that the Modi government can give the gift of Holi to the subscribers of Employees’ Provident Fund Organization (EPFO) by announcing an increase in the interest rate.
Let us inform that recently, Union Labor Minister Bhupendra Yadav had also informed that the proposal for decision on interest rates is also listed in this important meeting. The meeting of the Central Board of Trustees of EPFO will be held in Guwahati in March, in which a proposal will be made to fix the interest rates for 2021-22. This decision will be taken on the basis of estimates of earnings for the next financial year. The same Finance Investment and Audit Committee of EPFO has sent its recommendations to CBT. Now all eyes are on the meeting of EPFO and CBT in March. Employees. It is expected that the Modi government can increase the interest rate by 8.5% this time.
All eyes on the meeting
EPFO had given 8.5 percent interest to its subscribers in the financial year 2020-21. In the meeting held in Srinagar in March 2021 last year, the CBT has given 8.5 percent annual interest rate on the EPF deposits in the accounts of the members for 2020-21. The recommendation was made, after which the Finance Ministry also approved the proposal. After this, the Central Board of Trustees of EPFO met in November last year, but no decision was taken on increasing the EPS. But now the final decision can be taken in this meeting to be held on March 11-12. The eyes of the employees are now 6 The day rests on this meeting.
Interest rates so far
- In the year 2011-12, the rate of PF was 8.25 percent, in 2013-14, EPFO used to give 8.75 percent interest on PF deposits.
- In 2012-13, the PF interest rate reached 8.5 percent.
- PF interest rate 8.65 percent in 2018-19.
- The rate of 8.65 percent in the year 2016-17.
- In the year 2017-18, this rate was 8.55 percent.
- The interest rate for 2019-20 was fixed at 8.5 percent, which is the lowest in the last 7 years, currently interest is being given at the rate of 8.5 percent on the money deposited in PF.
