Modi government is preparing to reduce interest on EPF

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- The decision may be taken by the Central Government on March 4

New delhi date. 16 January 2021, Tuesday

A headline for jobs is coming up. In the financial year 2020-21, the interest of the Employees Provident Fund is to be reduced once again. If that happened then it would be a major setback for millions of salaried employees. So far EPF subscribers who were worried about not getting interest till last year are now going to be hit twice.

Interest earned on EPF will decrease
According to sources, a large number of people have withdrawn EPF during the Corona epidemic. Contributions have also declined in the meantime. As a result, EPFO ​​may decide to reduce rates. The EPFO ​​Central Board of Trustees (CBT) will meet on March 4 to decide on the new rates. In such an environment, reduction in rates is being considered.

Interest rates will be decided on March 4
 EPFO's earnings have been badly affected in FY20. EPFO trustee Raghunath said the Central Board of Trustees would meet in Srinagar on March 4 and agenda papers would be sent to them soon. The e-mail they received did not provide any information regarding interest rates.

Lowest interest in 7 years on EPF
EPF earned 8.5 per cent interest in FY20, the lowest in 7 years. Prior to that, the interest rate on EPF was 8.5 per cent in FY13. The EPFO ​​revised the interest in March last year. Prior to that, EPF earned 8.65 per cent interest in FY19. EPFO paid 8.55 per cent interest in FY18 as against 8.8 per cent in FY16. Prior to that, EPF earned 8.65 per cent interest in FY19. EPFO paid 8.55 per cent interest in FY18. Which was 8.8 per cent in its previous financial year 2016. The rate was 8.75 per cent in the previous financial year 2014.

Let it be known that EPF has 6 crore subscribers across the country. Even in the financial year 2020, these crores of people were delayed in getting interest due to the turmoil in KYC. After that, if interest rates are cut, this will be a big tweak.


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