National

Employeeโ€™s PF Interest Rates Slashed From 8.5% To 8.1% Lowest In Four Decades: Sources

New Delhi: The Employeeโ€™s provident fund interest rates for 2021-22 have been slashed from 8.5% to 8.1%. The slash in the rate as of now is considered to be the lowest since 1977-88, when it was 8 percent, labour ministry sources said on Saturday.

The decision was made during a meeting of the EPFOโ€™s central board of trustees that was held in Guwahati.

There are about five crore subscribers of employees provident fund organsation (EPFO).

The recommendation of the board will be soon sent to finance ministry. The interest rate was 8.5% in 2021.

Only after the finance ministry rectifies the boardโ€™s decision, EPFO will direct its field offices to credit the interest income calculated at the new rate of 8.1 per cent for 2021-22 in the subscribersโ€™ accounts.

In March 2020, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent provided for 2018-19.

The EPF interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent.

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
Some error occurred

Related posts

International

โ€œMayor Of Melitopol Ivan Fedorov Kidnappedโ€, Says Ukrainian Parliament

Ashmita Chhabria

Kyiv: Southern Ukraineโ€™s Melitopol Mayor was kidnapped by Russian forces, as the forces occupied the city on Friday, said President Volodymyr Zelensky and Ukrainian officials.

Taking to Twitter Ukraineโ€™s parliament said, โ€œA group of 10 occupiers kidnapped the mayor of Melitopol Ivan Fedorov.โ€

Further adding they said, โ€œHe refused to cooperate with the enemy.โ€

They said that the mayor was clutched when he was dealing with the supply issues, at the cityโ€™s crisis centre.

Late on Friday evening, Zelensky in a video message confirming the news, called Fedorov โ€œa mayor who bravely defends Ukraine and the members of his communityโ€.

He said, โ€œThis is obviously a sign of weakness of the invadersโ€ฆ They have moved to a new stage of terror in which they are trying to physically eliminate representatives of legitimate local Ukrainian authorities.โ€

He says that the kidnap of the mayor is not only a crime against Ukraine but against democracy. He said, โ€œThe capture of the mayor of Melitopol is, therefore, a crime, not only against a particular person, against a particular community, and not only against Ukraine. It is a crime against democracy itselfโ€ฆ The acts of the Russian invaders will be regarded as those of Islamic State terrorists.โ€

Kirillo Timoshenko, Deputy Head of Ukraineโ€™s Presidential Administration, previously posted a video on Telegram showing army men stepping out of a building, holding a man dressed in black, with his head being covered with a bag.

As per the Ukrainian Parliament, the deputy head of the regional council of Zaporizhzhia, another regional official, was kidnapped and released a few days ago.

Related posts

News Hub