New Delhi (The Stellar News) Saksham Kalia: Employer’s provident fund interest rate for 2021-2022 has been slashed from the existing 8.5 per cent to 8.1 per cent on Saturday. Provident fund interest is at its lowest since 1977-78, when it was 8per cent, labour ministry sources said.
The decision was taken during the meeting of the EPFO’s central board of trustees, which was held in Guwahati. The board’s recommendation will be sent to finance ministry soon. The interest rate was 8.5 per cent in 2020-21.
Once the finance ministry ratifies the board’s decision, EPFO will direct its field offices to credit the interest income calculated at the new rate of 8.1 per cent for 2021-22 in the subscribers’ accounts.
In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.
The EPF interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent
