As elections are over, Modi govt gives big blow to 6 crore citizens, EPFO reduces interest rate to four-decade low of 8.1%

The effect of ending the assembly elections in five states including Uttar Pradesh has started. The central government has reduced the interest rates on PF from 8.5 percent to 8.1 percent. This decision of the government has shocked more than 6 crore citizens of the country. This decision of the Modi government has done a great job of increasing the concern of the employed people. There was a possibility that the Modi government would first work to increase the price of LPG, petrol or diesel as soon as the assembly elections were over. But this time it didn’t happen.

The central government has reduced the interest rates available to the employed people on PF. Prices on domestic gas, petrol and diesel are also likely to increase very soon. The Employees’ Provident Fund Organization (EPFO) on Saturday decided to pay 8.1 percent interest rate on provident fund deposits for the current fiscal 2021-22. This is the lowest interest rate in a decade.

According to information received from sources in the Ministry of Labor, the Central Board of Trustees of EPFO ​​has decided to recommend an interest rate of 8.1% for the financial year 2021-2. The recommendation of the EPFO ​​board will be sent to the Finance Ministry soon. The meeting of the Central Board of Trustees of EPFO ​​was held in Guwahati. This decision of the Employee Provident Organization is certainly not less than a setback for the employed people. This decision of EPFO ​​has shocked about 6 crore people.

The central government has taken this disappointing decision at a time when people across the country are battling inflation. Even in such difficult situations, the government has reduced the interest on PF. In the current financial year 1977-78, EPFO ​​had fixed 8% interest rate. After that, now I am getting such low interest. Till now, 8.25% or more interest has been available.

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