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Important information has been revealed for more than 3 million working classes in the country. A big decision has been made on interest rates on provident fund. The government has made a big decision on the interest rate of PF and kept it unchanged once. The government has approved the interest rate of 8.5 per cent on employee provident fund for the financial year 2-3.

The Central Government has approved the interest rate proposed by the EPFO. In addition to this salary, interest will be available at PF at a rate of 8.5 percent for the financial year. In the financial year 2-3, the same interest rate was, the last PF’s interest rate was changed to 5-6 and it was increased from 8.5 per cent to 8.5 percent. On February 7, the EPFO ​​had decided to maintain the interest rate of 8.5 per cent on the staff provident fund deposits for the financial year. The Finance Ministry has approved the interest fixed by the EPFO.

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The government’s decision will benefit more than seven crore account holders. The Ministry of Finance and the Ministry of Labor informed about interest rates. On February 7, the decision of the PF’s interest rate was taken at a meeting of the Central Trustees Board of the EPFO ​​under the chairmanship of Union Labor and Employment Minister Mansuk Mandavi. Now he was approved by the Finance Ministry.

There is a happy news for billions of people who are employed in private, they will get a interest in the money collected in EPF. The Central Government has approved the proposal of interest rate of 8.5 per cent on EPF. This interest will be for the financial year of 2-3 years. It is said that more than 2 crore EPF customers will benefit. However, this is the same as the interest in a year ago.

The finance ministry was approved

On February 7, the EPFO ​​decided to keep the EPF interest rate of 8.5 percent. It was sent to the Finance Ministry for approval. The finance ministry is said to have approved the proposal. An official of the Labor Ministry said, “The Finance Ministry has approved the interest rate of 8.5 per cent for the last financial year. It will be for the financial year of 2-3 years. The Labor Ministry informed the EPFO ​​on May 7.”

2 crore EPFO ​​members benefit from

Following the government’s decision, more than 2 million EPF customers have paved the way for interest money in EPF accounts. The meeting of the Central Board of Trustees (CBT) of EPFO ​​was held on February 7. At this meeting, led by Union Labor Minister Mansukh Mandavi, it was proposed to keep the interest rate at 8.5 percent for the financial year 1.

Decision to raise interest in February 7

The EPFO ​​had decided to raise interest rates on EPF deposits on February 7. They had raised it from 5.5 percent to 8.5 percent. This growth was made for deposits for the financial year. In the financial year 2-3, interest rates were 8.5 percent. On March 7, the EPFO ​​increased the interest rate from 8.5 per cent to 8.5 percent. This was the lowest interest interest in over 3 decades.

EPF account means

People working in the private sector come under the EPFO ​​scheme. In this, 5 % of the employee’s salary (Basic Plus DA) is deposited in his EPF account every month. The employer deposits the amount of money in the employee’s EPF account every month. There are two parts of the EPF account – EPF and EPS. The amount of the employer’s contribution is deposited in the EPS per month. When an employee retires, he gets the entire money deposited in his EPF account. He gets pension every month for money collected in EPF.

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