EPFO: The interest rates on Employees’ Provident Fund (EPF) deposits for the fiscal year 2021-22 will be decided next month. Central Board of Trustees, the decision-making body of the Employees’ Provident Fund Organization (EPFO).
The meeting of the Trustee (CBT) is going to be held in Guwahati next month to decide on the interest rates for the current financial year.This meeting is towards the end of the financial year.
Union Labor Minister Bhupendra Yadav said whether the EPFO will maintain the interest rate of 8.5 percent for 2021-22 as well as 2020-21. To this, Yadav said that this decision will be taken on the basis of estimates of income for the next financial year. Please tell that Bhupendra Yadav is also the head of CBT.
The Central Board of Trustees (CBT) had fixed the interest rate of 8.5 percent on EPF deposits for the year 2020-21 in March 2021. The Finance Minister had approved this rate in October 2021. After that EPFO had directed its field offices to deposit 8.5 percent interest in the pensioner’s accounts for 2020-21. After the decision on the interest rate is taken 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.
EPFO had given an interest of 8.65 percent in 2018-19. At the same time, interest of 8.65 percent was given in the year 2016-17 and 2017-18 also. The interest rate in 2015-16 was 8.8%. Apart from this, in the year 2013-14, 8.75 percent and in 2014-15 also 8.75 percent interest was given. However, the interest rate was 8.5 per cent in 2012-13 and 8.25 per cent in 2011-12.
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