EPFO to take call on interest rate for 2021-22 in March

“The Staff’ Provident Fund Organisation (EPFO) CBT assembly can be held in Guwahati in March the place proposal for rate of interest for 2021-22 could be listed as it’s finish of the fiscal yr,” Union Labour Minister Bhupender Yadav knowledgeable PTI when requested about EPF rate of interest for 2021-22.Requested whether or not or not EPFO would hold the 8.5 per cent rate of interest for 2021-22 as decided for 2020-21, Yadav, who moreover heads the CBT, said the selection may very well be taken on the thought of earnings projection for the financial yr.The 8.5 per cent rate of interest on EPF deposits for 2020-21 was decided by the Central Board of Trustees (CBT) in March 2021.It was ratified by the finance ministry in October 2021 and thereafter, EPFO issued directions to topic locations of labor to credit score rating the curiosity earnings at 8.5 per cent for 2020-21 into the subscribers’ account.As quickly as CBT decides an rate of interest on EPF deposits for a fiscal yr, it’s despatched to Ministry of Finance for concurrence. EPFO offers the pace of curiosity solely after it’s ratified by the federal authorities by means of the finance ministry.In March 2020, EPFO had lowered rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent supplied for 2018-19.The EPF rate of interest supplied for 2019-20 was the underside since 2012-13, when it was launched down to eight.5 per cent.EPFO had supplied 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18. The pace of curiosity was barely better at 8.8 per cent in 2015-16.It had given 8.75 per cent cost of curiosity in 2013-14 in addition to in 2014-15, better than 8.5 per cent for 2012-13. The pace of curiosity was 8.25 per cent on provident fund in 2011-12.