The interest rates on Employees’ Provident Fund deposits for the financial year 2021-22 will be decided next month. The Central Board of Trustees (CBT), the decision-making body of the Employees’ Provident Fund Organization (EPFO), is going to meet next month to decide on the interest rates for the current financial year. Union Labor Minister Bhupendra Yadav has given this information.
EPFO’s Central Board of Trustees meeting in March
Union Labor Minister Bhupendra Yadav said that the meeting of the Central Board of Trustees of EPFO will be held in Guwahati in March, in which the proposal to fix interest rates for 2021-22 is listed. When asked whether the EPFO will retain the interest rate of 8.5 per cent for 2021-22 as in 2020-21, Yadav said that the decision will be taken on the basis of earnings estimates for the next financial year.
Bhupendra Yadav is the head of CBT
Let us tell you that Union Labor Minister Bhupendra Yadav is the head of CBT. In March 2021, the CBT had fixed an interest rate of 8.5 per cent for EPF deposits for 2020-21. It was approved by the Finance Minister in October 2021. After that EPFO had directed its field offices to deposit 8.5 percent interest in the accounts of the subscribers for 2020-21.
is sent for the approval of the Ministry of Finance
It should be noted that after the CBT decides on the interest rate, it is sent for the approval of the Ministry of Finance. In March, 2020, the EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5 percent for 2019-20. In 2018-19, 8.65 percent interest was given on EPFO.
Interest rate 8.5 percent in 2012-13
EPFO had given 8.65 percent interest in 2016-17 and 2017-18 also. The interest rate in 2015-16 was 8.8 percent. At the same time, interest of 8.75 percent was given in 2013-14 and 8.75 percent in 2014-15 also. However, the interest rate was 8.5 per cent in 2012-13. It was 8.25 per cent in 2011-12.