
The Central government has approved the reduced interest rate of 8.1% on Employee Provident Fund (EPF) deposits for the year 2021-22. The approval to credit 8.1% interest to accounts of 5-crore EPFO subscribers was conveyed by the Ministry of Labour and Employment, according to a PTI report.
The labour ministry has sent the proposal to the Finance Ministry for its concurrence. The interest for a given year is credited to EPF accounts after the rate is approved by the finance ministry.
The Employees’ Provident Fund Organisation’s (EPFO’s) apex decision making body Central Board of Trustees slashed rates for 2021-22 to a four-decade low of 8.1% in March this year from 8.5% in the previous fiscal.
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