new Delhi. Employees’ Provident Fund Organization (EPFO) will pay 8.1 percent interest on provident fund deposits for the current financial year. This is less than 8.5 percent in FY21 and the lowest compared to the last several years. The Central Board recommended credit of 8.10 per cent per annum rate of interest on EPF accumulation in the accounts of members for the financial year 2021-22, it said in a statement. The rate of interest will be officially notified in the Government Gazette, after which EPFO will credit the rate of interest to the accounts of the subscribers.”
In the financial year 2020-21, the EPFO had paid 8.5 percent interest rate. The same interest rate was 8.65 percent in 2019-20, 2018-19 and 8.55 percent in 2017-18.
However, official confirmation from the Finance Ministry is required before the proposed rate can be added to the balance amount of EPF account holders. EPFO is the largest corpus of retirement employees in the country and the second largest non-banking financial institution with a corpus of about Rs 16 lakh crore.
PF accounts are credited along with annual returns with significant time gaps after the completion of the year. There are 24.77 crore members in EPFO, who have EPF accounts. Out of the total members, about 14.36 crore members have been allotted Unique Account Numbers (UANs) as on March 31, 2020.
The 230th meeting of the EPF Central Board of Trustees was held in Guwahati on Saturday under the chairmanship of Union Minister for Labor, Employment and Environment, Forest and Climate Change Bhupendra Yadav.
—AnyTV News
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