EPFO Interest Rates Hike: There is big news for those who have PF account. The government has given a big statement regarding the increase in the interest rate on the PF account. Minister of State for Labor and Employment Rameshwar Teli has said in the House that there will be no change in the interest rate on Employees’ Provident Fund (EPF) deposits for the financial year 2021-2022. Minister of State for Labor and Employment Rameshwar Teli has given this big information to the Rajya Sabha in a written reply to a question.
Information given by the government
Actually, this question was asked to Rameshwar Teli in the House whether the government is reconsidering to increase the rate of interest on Employees Provident Fund deposits? Giving a written reply to this, he clarified that there is no proposal to reconsider the interest rate. That is, there is not going to be any increase in the interest rate on PF account.
Higher interest than small savings schemes
Minister of State for Labor and Employment Rameshwar Teli also said that the interest rate of EPF is higher than other comparable schemes like General Provident Fund (7.10 percent), Senior Citizen Savings Scheme (7.40 percent) and Sukanya Samriddhi Account Scheme (7.60 percent). That is, according to Rameshwar Teli, the interest received on PF from small savings schemes is still high, in such a situation, the eligible government will not consider the interest rate hike. Let us tell you that the interest rate on EPF has been approved to give 8.10 percent.
Minister said this
Rameshwar Teli has said that the interest rate on PF is dependent on the income received by the EPF from its investments and such income is distributed only as per the EPF Scheme, 1952. Rameshwar Teli also said that the CBT and EPF have For 2021-22, 8.10 percent interest rate was recommended, which has been approved by the government, that is, this time the interest on PF will be available at the rate of 8.10.