PF News: Interest will increase on PF contribution or employees will get a shock, announcement tomorrow
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New Delhi : There is an important news for the employees working in government and private sector. Employees’ Provident Fund Organization (EPFO) members who contribute from their salary to their PF account (Provident Fund Account), the interest rate on their contributions and deposits is going to increase. A two-day meeting of EPFO has started on Monday to determine the interest rate on Employees’ Provident Fund (EPF) for the financial year 2022-23. According to media reports, EPFO may announce a new interest rate hike on EPF on Tuesday.
Interest was cut last year
Explain that in March 2022, the EPFO had brought down the interest rate on the EPF of its nearly five crore shareholders for 2021-22 to a low of more than four decades to 8.1 per cent. This rate was the lowest since 1977-78, when the interest rate on EPF used to be eight per cent. In 2020-21, this rate was 8.5 percent.
two-day meeting begins
News agency Bhasha has reported quoting sources that the decision regarding the interest rate on EPF for 2022-23 by the Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund Organisation, will be taken in two days starting from Monday afternoon. may be taken up at the meeting. The meeting can also discuss the action taken by the EPFO on the order given by the Supreme Court to give four months time to apply for more pension.
Deadline till May 3
According to the report, EPFO has given its shareholders time till May 3, 2023. In March 2020, the EPFO had reduced the interest rate on provident fund deposits to a seven-month low of 8.5 per cent. For 2018-19 it was 8.65 per cent.
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