Along with the central employees, the government can also give gifts on Holi to the subscribers of Employees’ Provident Fund Organization (EPFO). The government can increase the interest rates on PF. Actually, the meeting of the Central Board of Trustees (CBT) of EPFO is to be held in Guwahati on 12 March 2022. Interest rates are to be discussed in this.
The interest for the current financial year will be decided in the meeting of the Central Board of Trustees. After this, he will submit his recommendations to the Finance Ministry, where the interest rates will be finalized. If sources are to be believed, some members of the CBT are in favor of increasing the interest rates.
The current financial year has been difficult
The current financial year has been a difficult one for the EPFO. After this, EPFO can sell its equity investment to pay 8.5 percent interest. Due to limited options, bond investment remained less than expected and capital infusion could not take place. EPFO invests in debt along with equity. The Finance Investment and Audit Committee of EPFO has sent its recommendations to the CBT.
Highest interest rate in 2015-16
EPFO had given 8.5 percent interest to its subscribers in the financial year 2020-21. The highest interest rate was in 2015-16, when 8.80 per cent interest was paid to the subscribers. Now the eyes of the salaried class are on the meeting to be held on March 12. In this, the interest rate for the current financial year has to be announced. According to the Union Labor Minister, the proposal for the decision of interest rates is also listed in this important meeting.
final decision of the board
Labor Minister Bhupendra Yadav said on increasing the interest rate of EPFO or keeping it constant, that this decision will be taken on the estimate of income for the next financial year. Its final decision is taken by the board. In such a situation, a decision will be taken on this only after discussion in the board meeting. Our aim is to give relief to the common people. All measures will be taken for this.