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Centre approves 8.1% EPF Interest Rate for 2021-22, Lowest in 4 Decades

Published on June 04, 2022
Current Context: Recently the government has approved an 8.1% rate of interest on employees' provident fund (EPF) deposits for 2021-22.
Centre approves  8.1% EPF Interest Rate for 2021-22, Lowest in 4 Decades
  • Employees Provident Fund Organisation had decided to lower the interest on provident fund deposits for 2021-22 to 8.1% compared to 8.5% provided in 2020-21.
  • This prescribed 8.1% EPF rate of interest is the lowest since 1977-78 when it stood at 8%.
  • Later it has been increased to an 8.5% interest rate on EPF deposits for 2020-21 which was decided by the Central Board of Trustees.
  • The interest rate on provident fund deposits has also gone down to a seven-year low in March 2020. i.e 8.5%.
  • Apart from that EPFO has also added 1.53 million subscribers in March this year, over 19% more than 1.28 million enrolled in February.
  • Many experts believed that these rates should be unchanged as inflation is very high and it goes against real social security returns.

Question:

Q.1 Recently EPFO had decided to lower the interest on provident fund deposits by what percentage?
a. 8.2%
b. 8.7%
c. 8.5%
d. 8.1%
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