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EPFO Announced New Interest Rate Lowest in 43 Years

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EPF Interest Rate 2022-23: Undoubtedly, this year’s lowering of the rate is likely to disappoint millions of its salaried-class subscribers. The Employees’ Provident Fund Organisation (EPFO) on Saturday decided to pay 8.1 percent rate of interest on provident fund deposits for the current financial year, down from 8.5 percent in Fy21. Labour minister Bhupendra Yadav said EPFO’s central board decided the interest rate keeping in mind the “international situation and condition of the equity market”. EPFO can not take very risky investments and favours stability, he said.

EPF Interest Rate 2022-23: Highlights

  • The interest rate on deposits in EPF has been changed and reduced from 8.5 to 8.1 percent. 
  • Last fiscal, the interest rate was 8.5%. The last time EPFO paid lower than the Fy22 rate was in 1977-78 when the interest rate was 8%. 
  • The EPF Fy22 in 2011-12 was paid 8.25 percent to its subscribers.
  • Opposition party leaders are cursing the Modi government for attacking the savings of employees.

Central Board of Trustees Meeting Held in Guwahati

The 230th meeting of CBT (Central Board of Trustees) Employees Provident Fund was held from 11th-12th March, 2022 in Guwahati, Assam.

Apparently, EPFO ​​meeting which held yesterday in Guwahati and according to the information received, the Central Board of Trustees (CBT), the apex decision-making body of the Employees’ Provident Fund Organization (EPFO), has decided to give 8.1 percent interest rate on EPF for 2021-22.

After the decision of CBT (Central Board of Trustees) taken in the meeting, the interest rate on EPF deposit for 2021-22 will be sent to the Finance Ministry for consent. After this, the EPF ​​​​is stamped on behalf of the government through the Ministry of Finance, after which it provides the interest rate.

EPF Interest Rate 2022-23: Interest Rate for Previous Financial Years

The EPFO paid 8.5 percent interest rate to millions of its subscribers in 2020-21. The body had credited 8.5% in 2019-20 and 2020-21 while it was 8.65% in 2018-19, 8.55% in 2017-18, 8.65% in 2016-17 and 8.8% in 2015-16.

Opposition Termed It an Open Attack on the Savings

Congress leader and party’s chief spokesperson Randeep Surjewala alleged that the income of 84 percent of people of the country has decreased. “The income of 84 percent of the people of the country has decreased. Is it right to attack the savings of crores of employees on the basis of electoral victory? The EPFO has reduced the interest rate on PF deposits to the lowest level in 10 years. Is this the ‘return gift’ of BJP’s victory,” asked Congress general secretary Randeep Surjewala.

What EPFO Means?

Employees’ Provident Fund (EPF) is a retirement plan managed by the Employees’ Provident Fund Organization (EPFO). In the EPF scheme, the employee and his employer/company contribute an equal amount every month which is 12% of the basic salary and dearness allowance. 8.33% of the company’s contribution goes towards the Employees’ Pension Scheme (EPS).

■ Also Read: FM Announced Relief To Businesses To Fight Against COVID-19

The Employees’ Provident Fund Organization is the statutory body under the Government of India’s Ministry of Labour and Employment, which is responsible for regulation and management of provident funds in India. The EPFO administers the mandatory provident fund.

EPF Interest Rate 2022-23: When Was EPFO Formed?

The EPFO’s top decision-making body is the Central Board of Trustees (CBT), a statutory body established by the Employees’ Provident Fund and Miscellaneous Provisions (EPF & MP) Act, 1952. As of 2018, more than ₹11 lakh crore (US$157.8 billion) are under EPFO management.

We Live in an Illusion That Causes Misery

Kaya teri hai nahi, Ye maya kaha se ho |

Kabir saheb ji says;

Nothing that we comprehend is eternal. Nothing is permanent in nature, still we think that it is ours and if it breaks, is stolen or if we get cheated by others, we become depressed. Our desires and attachments are the cause of our misery. Things which we aspire to get, if we get them, we become happy for a while and we become very sad if we do not receive them. Wealth, children, property are all illusions, there is only one way to get out of it and to remove attachment from it and that is to be firm and do True Worship.

Understand That You Are Being Cheated

This world/lok is destructible and every thing of this lok is perishable and belongs to Kaal. Kaal does not want any living being to escape from this cage-like imprisonment. He also does not want a soul to know about him and his trap. He has misled every living being by his Trigunmayi Maya (Maya of the three gunas). Here we all have to die, all are distressed and disturbed. The state which we want to attain here, we used to live in such a state in our Real Home Satlok. We came here and got trapped in Kaal Brahm’s lok and forgot the way to our real home. 

No One Is Happy Here!

Human beings in this Kaal lok, where we are living, desire happiness like a poor man who thinks that if I get money, then I will become happy. If you ask about the wellbeing of rich people, then you will get to hear loads of problems. Some believe the attainment of kingdom to be happiness. This is his biggest misconception. A king does not even have happiness in their dreams. As an instance, how worried the head of a family is for its maintenance.

In this world no one is satisfied or Happy. The reality does not end here but to start and to know the truth all the readers are requested to know about Kaal and his web we are trapped in —for this, please watch discourses of Great victorious Spiritual Leader Sant Rampal ji Maharaj on Satlok Ashram YouTube channel.

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