EPFO: Finance Minister Nirmala Sitharaman on Monday asserted in the Rajya Sabha that the proposed 8.1 per cent interest rate on Employees’ Provident Fund (EPF) is better than the interest rates on other small savings schemes and the amendment is based on the realities of the present times.
The Finance Minister, in response to the discussion on the Appropriation Bills in the House, said that the Central Board of EPFO decides the interest rate on provident fund deposits and the board itself has proposed to reduce the PF rate to 8.1 percent for the financial year 2021-22. Have given.
Interest reduced to 8.1 percent
He said, “EPFO has a central board which decides the rate at which interest is to be paid and they haven’t changed it for a long time, which has now been changed to 8.1 percent. The
Finance Minister said that the EPFO has called for keeping the interest rate at 8.1 percent, while the rates available in other schemes including Sukanya Samriddhi Yojana (7.6 percent), Senior Citizen Savings Scheme (7.4 percent) and PPF (7.1 percent) are very much. are less.
What was said on LIC IPO?
He said that the valuation of the insurance company Life Insurance Corporation of India (LIC) has been done in a scientific manner and the same has been disclosed in the prospectus submitted with SEBI regarding the IPO. The Finance Minister said that the share of states in the central taxes is estimated to be Rs 8.17 lakh crore in 2022-23 and an amount of Rs 7.45 lakh crore in the revised estimate for the current financial year has already been released. He said that in the supplementary demand for grants, a proposal of Rs 5,000 crore has been made for infusion of capital in public sector insurance companies.
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