EPFO hike in interest rates: Government is going to increase the interest rate on PF! Union Minister gave big information in Parliament
Increase in EPFO interest rates: The government has given a big statement regarding increasing the interest rate on 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 2021-22. The Minister of State for Labor and Employment has given this big information to the Rajya Sabha in a written reply to a question.
In fact, Rameshwar Teli was asked in the House whether the government is considering increasing the interest rate on the employees’ provident fund deposits? Giving a written reply to this, he has clarified that there is no proposal to reconsider the interest rate, that is, there has been no increase in the interest rate available on the PF account.
Rameshwar Teli has said that the interest rate on PF depends on the income received by the EPF from its investment and the distribution of such income is done according to the EPF scheme 1952. Rameshwar Teli also said that CBT and EPF had recommended an interest rate of 8.10 percent for the year 2021-22 which has been approved by the government, i.e. this time PF will get interest at the rate of 8.10.