New Delhi: The Central government on Friday approved the reduction of interest rate on employees’ provident fund (EPF) deposits for 2021-22 from 8.5 per cent to 8.1 per cent.
The proposal to cut interest by 0.4% was made by EPFO in March this year. Now that the government has put the seal on it, it will affect around 5 crore subscribers of Employees’ Provident Fund Organization (EPFO).
This will be the lowest rate of interest on PF deposits in more than four decades.
The lowest rate of interest before this was 8% — in 1977-78.
EPFO had brought down interest rate on provident fund deposits to a seven-year low of 8.5% per cent for 2019-20 in March 2020, from 8.65% in 2018-19.
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