New Delhi. In view of the rising inflation, the government can increase the interest rates on PF to give relief to the employed. The Central Board of Trustees (CBT) of the Employees’ Provident Fund Organization (EPFO) may decide on the interest rates on PF deposits for 2021-22 in the meeting to be held in March next month. Sources say that the interest rate on PF deposits can be increased for 2021-22 in the meeting.
Union Labor Minister Bhupendra Yadav told that the meeting of CBT of EPFO will be held in Guwahati in March. It lists a proposal to fix interest rates for 2021-22. On being asked whether the EPFO will maintain the interest rate of 8.5 per cent for 2021-22 as well as for 2020-21, CBT chief Yadav said the decision was taken on the basis of earnings estimates for the next financial year. Will go.
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Now 8.5% interest is available
The CBT in March 2021 had set an interest rate of 8.5 per cent on EPF deposits for 2020-21. It was approved by Finance Minister Nirmala Sitharaman in October 2021. After that EPFO had directed its field offices to deposit 8.5 per cent interest in the accounts of the subscribers for 2020-21.
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Finance ministry’s permission required
After taking a decision on the interest rate by the CBT, it is sent for the approval of the Ministry of Finance. From there the interest rate is fixed after approval. In March 2020, the EPFO reduced the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20.
Highest rate in 2015-16
financial year interest rate
2019-20 8.50 per cent
2018-19 8.65 per cent
2017-18 8.55 per cent
2015-16 8.80 percent
2014-15 8.75 per cent
2013-14 8.75 per cent
2012-13 8.50 per cent
Tags: Epfo, PF account
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