EPF Interest Rate: The government has approved to raise the EPF interest rate to 8.1 percent for the financial year 2021-22.
EPF Interest Rate: The government has approved to raise the interest rate of Employees’ Provident Fund (EPF) to 8.1 percent for the financial year 2021-22. This is the lowest interest rate in the last four decades. This decision of the government has dealt a big blow to about 50 million subscribers of retirement fund body EPFO. Earlier in March, EPFO had decided to cut the interest rate on PF deposits, which has been approved by the government today (June 3). EPFO has also issued its notification. In the financial year 2020-21, this rate was 8.5 percent.
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Approval has been received from the Ministry of Finance
EPFO had proposed 8.1 percent interest rate under the EPF scheme for the financial year 2021-22. The Labor Ministry had sent this proposal to the Finance Ministry for approval, on which the approval has been received today. After the approval of the government, EPFO will start crediting interest in the account of all EPF account holders for the financial year 2021-22.
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KE Raghunathan, an EPFO trustee representing the employers, says the fast rate of interest approved by the finance and labor ministries is welcome as it leaves the workers in dire need of money and the expenses related to children’s education etc. for their money will be available.
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Interest rate at 44 year low
The EPF interest rate for the financial year 2021-22 is 8.1 percent, which is the lowest since 1977-78. In 1977-78 this rate was 8 per cent. Given below are the details of interest rates on EPF deposits for some financial years-
2019-20: 8.5% (This was the lowest interest rate in seven years i.e. after 2012-13.)