PF Rate For 2021-22 Slashed To 8.1% From 8.5%, Four-Decades Low: Sources

Employees' provident fund rate of interest for 2021-22 has been slashed from the present 8.5 per cent to eight.1 per cent for 2021-22 on Saturday. This is the bottom price since 1977-78, when it was 8 per cent, labour ministry sources stated.There are round 5 crore subscribers of staff provident fund organsation (EPFO).The choice was taken through the assembly of the EPFO's central board of trustees, which was held in Guwahati.The board's suggestion shall be despatched to finance ministry quickly.The rate of interest was 8.5 per cent in 2020-21.Once the finance ministry ratifies the board's choice, EPFO will direct its area workplaces to credit score the curiosity revenue calculated on the new price of 8.1 per cent for 2021-22 within the subscribers' accounts.In March 2020, EPFO had lowered the 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 bottom since 2012-13, when it was introduced down to eight.5 per cent.