EPFO fixes interest rate at 8.1% for fiscal year 2021-2022, lowest interest rate in last 10 years
EPFO: The Employee Provident Fund Organization (EPFO) had recently fixed the interest rates on PF. EPFO has fixed the interest rate at 8.1% for the fiscal year 2021-2022. Since the interest is fixed, most of the employed are expecting that the interest of PF will come in their account as soon as possible. If the news coming in the media is to be believed, then EPFO can transfer the interest on PF till the month of June.
PF money can come by June
If media reports are to be believed, then in June, the interest of PF can come in the accounts of the subscribers. However, no statement has come from the government or EPFO on this yet. Once the Finance Ministry’s seal is yet to be taken on the interest fixed by the EPFO.
Lowest interest in last 10 years
This time the employed people have got a big blow from the government because this interest is the lowest in the last 40 years. The EPFO has fixed the interest rate at 8.1% for the fiscal year 2021-2022, which is the lowest interest rate in the last 10 years. This decision of the government has shocked about 6 crore people of EPFO. In the last fiscal year, PF was getting 8.5% interest.
Never got so little interest
On the one hand, inflation is increasing continuously. On the other hand, the government has reduced the interest on PF. In the fiscal year 1977-78, the EPFO had fixed an interest rate of 8%. After that, now you are getting so little interest. Till now, 8.25% or more interest has been available.
How much interest was received before this?
EPFO had given 8.5% interest in the financial year 2019-2020. After that in the fiscal year 2020-2021 also only 8.5% interest was received. Whereas in 2018-19, EPFO had given 8.65% interest. In the financial year 2017-18, 8.55% interest was received. In the financial year 2016-17, 8.65% interest was received and in the financial year 2015-16, 8.8% interest was received.
