EPFO Interest Rate: The cut in PF interest rates for the current financial year was told by the Union Finance Minister Nirmala Sitharaman as the truth of the current era.
EPFO Interest Rate: About 10 days ago, the retirement fund body EPFO had decided to cut the interest rates of PF for the current financial year 2021-22. Amidst all-round criticism, Union Finance Minister Nirmala Sitharaman presented a clarification regarding this in the Rajya Sabha on Monday (March 21). He said that the Central Board of EPFO takes a decision on the interest rates of PF and they had not changed it for a long time. The Finance Minister said that the reduction in its interest rates is the reality of the present time.
CUET: Admission will be done in all 45 central universities from the next session with a single test, get answers to all the questions related to it here
The approval of the Finance Ministry is still pending.
The Union Finance Minister said that it is the Central Board of the EPFO that decides the rate at which interest should be paid on the Provident Fund in a financial year and it had not reduced its rates for a long time. Sitharaman said that now the board has decided to reduce its rate from 8.4 percent to 8.2 percent. The board of EPFO which takes this decision, includes representatives of workers, management and government and all have taken this decision together. The Finance Minister said that the rate cut is the reality of the present times. However, this too is yet to be approved by the Finance Ministry.
Banking Fraud Alert: Bank account can be empty in a few seconds, will not be known, fraud happens in these hi-tech ways
PF interest rate at a low of 44 years
After getting the approval of the Ministry of Finance, the decision of the EPFO Board will get interest at the rate of 8.1 percent on the money deposited in the PF account in the current financial year, which is the lowest in 44 years since 1977-78. In 1977-78, the interest rate of EPF was at 8 per cent. In the last financial year 2020-21, it was at 8.5 percent. EPFO has about 40 million subscribers.
LPG Price Hike: The sword of inflation on common people, LPG became expensive after five months, oil prices also increased, milk prices have already increased
,