EPFO cuts interest rate to 8.1%, lowest in 40 years – Times of India

New Delhi: The government on Friday approved reducing the interest rate on Employees’ Provident Fund (EPF) to a 40-year low of 8.1 per cent.
With today’s cut, the EPF interest rate is the lowest since 1977-78, when it was 8 per cent.
In March this year, the Employees’ Provident Fund Organization (EPFO) had proposed to reduce the interest rate on retirement savings from 8.5 per cent to 8.1 per cent for its 6.4 crore subscribers.
The payment, which has now been confirmed by the finance ministry, is in line with the agency’s earnings and will leave it with a surplus of Rs 450 crore during the financial year.
Labor Minister Bhupendra Yadav said after the EPFO ​​meeting in Guwahati that compared to 8.5 per cent earnings on the corpus last year, this year the EPFO ​​has estimated an income of Rs 76,768 crore, which translates into a return of 7.9 per cent. Is. in March.