Featured

EPF Interest Rate Slashed To Four-Decade Low Of 8.1%

By
OB Bureau

Bhubaneswar: The interest rate on Employees Provident Fund (EPF) has been brought down to more than a four-decade low of 8.1% for 2021-22.

The Employees’ Provident Fund Organization (EPFO) on Saturday slashed the interest on provident fund deposits for 2021-22 to more than a four-decade low of 8.1 per cent.

Central Board of Trustees (CBT), the apex decision-making body of Employees’ Provident Fund Organisation (EPFO) has decided to slash the rate of interest from the present 8.5% to 8.1%. The decision will have to be approved by the Finance Ministry before being put into effect.

This is the lowest since 1977-78 when the EPF interest rate stood at 8%. The move comes as a major hit to the earnings of over 60 million subscribers of EPFO, according to a news agency.

In its last revision of the interest rate on EPF deposits, the CBT had approved 8.5% for 2020-21 in March 2021. It was approved by the Finance Ministry in October 2021.

OB Bureau

Recent Posts

Bhubaneswar & Cuttack Bali Jatras To Open On Same Date

Bhubaneswar: The opening date of Bhubaneswar and Cuttack Bali Jatras this year face a clash…

November 4, 2024

Next Mass Extinction To Be Linked With Soaring Temperatures, Warn Scientists

Bhubaneswar: A recent study has warned that humans and animals will be wiped out from…

November 4, 2024

Did Shraddha Kapoor Reject Offer In Allu Arjun’s ‘Pushpa 2’ Due To Low Renumeration?

Mumbai: Ever since ‘Pushpa 2: The Rule’ went on floors, speculation was rife that ‘Stree…

November 4, 2024

‘Govt Framing Me’, Says RG Kar Rape-Murder Accused; Charges Drawn Up, Trial To Star On Nov 11

Kolkata: Sanjay Roy, the prime suspect in the brutal rape and murder of a Kolkata…

November 4, 2024

Vigilance Seizes Suspected Ill-Gotten Money Of Rs 2.8 Lakh From Govt Official In Odisha’s Keonjhar

Bhubaneswar: Vigilance officials seized suspected ill-gotten money amounting to Rs 2.8 lakh from an official…

November 4, 2024

Man Saved From Drowning For Timely Action By Fire Personnel In Odisha’s Mayurbhanj

Baripada: A man was saved from drowning in a deep well due to timely rescue…

November 4, 2024

‘Singham Again’: Netizens Compare Badass Arjun Kapoor With Amrish Puri

Mumbai: Actor Arjun Kapoor, who joined the third instalment of Rohit Shetty’s cop universe franchise…

November 4, 2024

PM Modi Condemns ‘Deliberate Attack’ On Hindu Temple, Urges Canadian Govt To Ensure Justice

New Delhi: Prime Minister Narendra Modi on Monday strongly condemned the “deliberate attack on a…

November 4, 2024