November 05, 2024 14:48 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
EPFO slashes rates to 8.1 pc for 2021-22 fiscal year
EPFO
UNI

EPFO slashes rates to 8.1 pc for 2021-22 fiscal year

| @indiablooms | 12 Mar 2022, 02:37 pm

New Delhi: In what may be seen as a major setback for millions of middle-class Indians, especially amid the rising inflation, state-run Employees Provident Fund Organisation (EPFO) on Saturday slashed the interest rates to 8.1 per cent for the fiscal year 2021-22.

The EPFO had kept the interest rate steady at 8.5 per cent for 2020-21. The downward revision of the rates for 2021-22 is, however, the lowest in years.

Provident fund has been one of the most lucrative and safe forms of investment, especially for millions of middle-class people as well as the pensioners given the higher rate of interest, as compared to banks' savings or fixed deposit rates.

However, the downward revision of the rates, will not go down well with these EPFO subscribers.

According to the data provided by the Ministry of Labour, EPFO added 14.60 lakhs net subscribers during December 2021.

Of the total 14.60 lakh net subscribers added, 9.11 lakhs were new members who had enrolled under EPFO & MP Act, 1952, for the first time.

EPFO provides provident fund, pension benefits to the members on their retirement and family pension and insurance benefits to their families in case of untimely death of the member.

(With UNI inputs)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.