New Delhi: There has been bad news about 6 crore employees of the Employees' Provident Fund Organisation (EPFO). Epfo's Central Board of Trustees has reduced the interest received on PF accounts. It has been decided to pay 8.1 per cent interest for the financial year 2021-22. However, the decision is yet to be sealed by the Finance Ministry.

To secure the future of the same employees, a certain part of their salary is deducted and credited to the PF account. The same amount has to be deposited by his employee in this account. EPFO manages this fund and pays interest on this amount every year. In the financial year 1977-78, the EPFO gave 8% interest on provident fund deposits to people. Since then it has been continuously making so much or more.

According to a report received, in the financial years 2019-20 and 2020-21, the EPFO had paid an interest of 8.5% on PF deposits. Earlier, it was 8.65% in 2018-19, 8.55% in 2017-18, 8.65% in 2016-17 and 8.8% in 2015-16. Epfo's Board of Trustees has decided to reduce the interest of PF in a meeting held on Saturday. Even before the interest on PF deposits was reduced, the EPFO has faced huge opposition from the trade unions. Also, the decision of the Central Board of Trustees (CBT) is binding on the EPFO. It is a tripartite unit consisting of representatives of the government, employees and employer organizations. It is headed by the Labour Minister. However, the finance ministry reviews the interest rates fixed by the CBT before issuing a notification. After the notification is issued, the amount of interest is credited to the account of the EPFO subscriber.

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