India condoles death of 12 nationals in Ras Laffan gas facility explosion, US senators flag Pakistan’s history of harbouring terrorists, hiding bin Laden, India initiates anti-dumping probe against imports of electrical steel from China, 3 other nations,

Govt okays 8.1% interest on EPF deposits for 2021-22

Government has approved 8.1 per cent rate of interest on employees' provident fund (EPF) deposits for 2021-22 - an over four-decade low - for about five crore subscribers of retirement fund body Employees Provident Fund Organisation (EPFO). Earlier in March this year, EPFO had decided to lower the interest on provident fund deposits for 2021-22 to 8.1 per cent from 8.5 per cent provided in 2020-21. According to an EPFO office order issued on Friday, the Ministry of Labour and Employment has conveyed approval of the central government to credit 8.1 per cent rate of interest for 2021-22 to each member of the EPF scheme. The Labour Ministry had sent the proposal to the Ministry of Finance for its concurrence. Prior to this, the lowest rate of interest prior to this was in 1977-78, when it stood at 8 per cent.

Now, after the ratification of the interest rate by the government, the EPFO would start crediting the fixed rate of interest for the fiscal into the EPF accounts. The EPF interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than the 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent in 2011-12.


Newsinc24 is now on telegram. Click here to join our channel @newsinc24 and stay updated with the latest news from politics, entertainment and other fields.

Related Items

  1. Fed keeps interest rates unchanged in Warsh's 1st meeting as Chair

    Full Story

  1. Malaysia’s Petronas signs 20 year LNG supply deal with Japan’s JERA

    Full Story

  1. RBI keeps repo rate unchanged, reduces GDP growth projection

    Full Story

My Cartoon


image1


Photos

Food & Lifestyle

Avocado: A heart-smart ingredient worth adding to your plate

Avocado is also an excellent source of dietary fiber. Including it in your meals can contribute significantly to your daily fiber intake. 

Read More

Crime

Digital arrest scam: CBI raids 80 locations, 2 nabbed

The CBI launched Operation Chakra-VI and conducted searches at more than 80 locations across 16 states to crackdown on cybercrime networks.

Read More

Opinion

Greer’s India trip boosts Trump-Modi trade deal momentum

The India-US economic relationship appears to be entering a crucial phase, with both sides moving toward the “final touches” on an interim trade agreement after months of difficult negotiations.

Read More

Credibility Matters at Newsinc24.com because it is a website that gives you fast and accurate news coverage. It provides news related to politics, astrotalk, business, sports as well as crime. Also it has book promotion too. We known for our credibity. You can contact us for your querries on our email address. And, If you want to know more about us, then check the relevant pages for this purpose.