New Delhi: If you are a government employee and your PF is getting deducted, then this news is going to prove to be very useful for you.
Amidst the increasing pace of corona virus infection, the government has announced to give interest to PF employees. This will benefit crores of employees. Employees will get 7.1 percent interest on GPF account between January and March 2022.
The government has kept the interest rates for the January to March quarter as before. In the gazette notification issued by the Finance Ministry, it has been said that the interest rate of GPF and other funds will be 7.1 percent for the January-March quarter of the financial year 2020-21. It is effective from 1 January 2022. Apart from GPF, this rate is applicable to other funds also.
Doing so will earn interest
- The General Provident Fund (Central Services)
- The Contributory Provident Fund (India)
- The All India Services Provident Fund
- The State Railway Provident Fund
- The General Provident Fund (Defence Services)
- The Indian Ordnance Department Provident Fund
- The Indian Ordnance Factories Workmen’s Provident Fund
Earlier, the government had approved 8.5 percent interest on Employees’ Provident Fund (EPF) for the financial year 2020-21. More than 5 crore subscribers of EPFO have benefited from this. The Central Board of Trustees (CBT), headed by the Labor Minister, had in March 2021 fixed an interest rate of 8.5 per cent on Employees’ Provident Fund deposits. CBT is the apex decision making body of EPFO.
In March 2020, the EPFO had reduced the interest rate on provident fund deposits to 8.5 percent for 2019-20, the lowest in seven years. It was 8.65 per cent in 2018-19. The EPF (Employees’ Provident Fund) interest rate provided for the financial year 2019-20 was the lowest since 2012-13.
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