Employees’ Provident Fund Organization (EPFO) has decided to reduce the interest on provident fund (PF) deposits from 8.5% in 2020-21 to 8.1% in 2021-22.
About the reduction in interest rate
- The interest rate of 8.1% will be the lowest interest rate since 1977-78 when the figure stood at 8%. This cut in interest will impact five crore subscribers of the provident fund (PF).
- Earlier, EPFO had cut the provident fund (PF) deposits rate to a seven-year low of 8.5% for 2019-20. The interest rate was kept unchanged in the fiscal year 2020-21.
Employees’ Provident Fund Organization (EPFO) is the statutory body founded in 1952. EPFO is under the Ministry of Labour and Employment and is responsible for the regulation, management, and administration of provident funds (PF) in India. EPFO also manages social security agreements (SSA), which are bilateral agreements between India and foreign countries to protect the interests of international workers.
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