EPFO Interest Rates Hike: There is big news for PF account holders. Minister Rameshwar Teli has given his answer on the question of increasing the interest rate on PF. Let’s know the latest updates.
EPFO Interest Rates Hike: Important news for PF account holders. The government has given a big statement regarding the increase in the interest rate on the PF account. Minister of State for Labor and Employment Rameshwar Teli has given a statement on any change in the interest rate on Employees’ Provident Fund (EPF) deposits for 2021-2022.
Information given by the government
Actually, this question was asked to Rameshwar Teli whether the government is reconsidering increasing the rate of interest on Employees’ Provident Fund deposits? Giving a written reply to this, he clarified that there is no proposal to reconsider the interest rate. That is, there is not going to be any increase in the interest rate available on the PF account.
Higher interest than small savings schemes
Minister of State for Labor and Employment Rameshwar Teli also said that the interest rate of EPF is higher than other comparable schemes like General Provident Fund (7.10 percent), Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent). That is, according to Rameshwar Teli, the interest received on PF from small savings schemes is still high, in such a situation, the eligible government will not consider the interest rate hike. Let us tell you that the interest rate on EPF has been approved to give 8.10 percent.
Minister said this
Rameshwar Teli has stated that the interest rate on PF is dependent on the income received by the EPF from its investments and such income is distributed only as per the EPF Scheme, 1952. Rameshwar Teli also said that the CBT and EPF have For 2021-22, 8.10 percent interest rate was recommended, which has been approved by the government, that is, this time the interest on PF will be available at the rate of 8.10.
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