The Employees' Provident Fund Organization (EPFO) announced on Saturday to pay 8.1 percent interest on provident fund deposits for the current financial year, down from 8.5 percent the previous year. Over 60 million salaried-class members would be disappointed by this rate, which was the lowest in 43 years. EPFO last paid a lower interest rate than this in 1977-78, when the interest rate was 8%. “The central board has declared 8.1 percent interest rate keeping in view and taking into account its income of Rs. 76,768 crore,” Michael Dias, a member of the central board, said. In 2020-21, the EPFO paid 8.5 percent interest to millions of its subscribers. In 2019-20, it had an EPF rate of 8.5 percent, 8.65 percent in 2018-19, and 8.55 percent in 2017-18. In 2016-17, it paid 8.65 8.5 percent, while in 2015-16, it paid 8.8 8.5 percent.

Key Point

• The Employees' Provident Fund Organization (EPFO) announced on Saturday to pay 8.1 percent interest on provident fund deposits for the current financial year, down from 8.5 percent the previous year.

Follow Us On Google Newsstand: Click Here