Govt notifies 8.1% EPF rate for 2021-22

NEW DELHI: The finance ministry on Friday approved the Employees’ Provident Fund Organisation’s proposal in March to rationalise interest rates from 8.5% to 8.1% 2021-22, in a move that paves way for payouts to over 6.4 crore subscribers.
Amid falling interest rates, the retirement savings agency had to bring down rates to the lowest since 1977-78 but the returns are higher than several comparable schemes, especially for those who are under the tax threshold. The cut in interest rates is expected to leave the EPFO with a surplus of Rs 450 crore during the financial year. Compared to earnings of 8.5% on the corpus last year, this year, EPFO has estimated an income of Rs 76,768 crore.

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