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EPF rate for 2022 slashed to 8.1%
Employees' Provident Fund Organization (EPFO)
Lowest in over 4 decades
New Delhi: 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 percent.
The move comes as a major hit to the earnings of over 60 million subscribers of EPFO. The decision was taken in EPFO's Central Board of Trustees (CBT) meeting, however, it will have to be ratified by the Finance ministry before it takes effect.
This is the lowest since 1977-78 when the EPF interest rate was 8 per cent. Since then, it has varied around 8.25 per cent or more. The CBT had last approved an 8.5 per cent interest rate on EPF deposits for 2020-21 in March 2021.
The CBT, which is led by the Union Labour Minister and includes representatives from both the business and employee sides, determines the interest rate proposal.
Despite the significant withdrawals caused by Covid's impact on people's financial resources, the EPFO kept the interest rate on PF deposits at 8.5 percent for 2020-21, the same rate as in 2019-20. Following the Covid-19 pandemic, the retirement fund body faced large withdrawals and lesser contributions. The EPFO had settled 56.79 lakh claims worth Rs 14,310.21 crore issued under the advance facility as of December 31.
