Employees : Good news for the employees.. Center's key decision on interest paid on PF | Telugu News

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Employees say they will be relieved by increasing interest rates. Subscribers are happy about this decision.

Employees : Good news for the employees.. Center's key decision on interest paid on PF

Employees : Provident fund is useful for any employee after his retirement. Retired employees believe that this provident fund will provide support in later life. That is why they want to earn more interest on provident fund. However, the Employees' Provident Fund has not taken any decision regarding the interest rates for some time. Due to this, many employees were disappointed. They got into a lot of trouble as interest rates fell. But soon in the background of the Parliament elections, the Employees' Provident Fund took an unexpected decision. Offered sweet talk regarding employees.

Generally, employees keep their provident fund with an employment provident fund company. The company gives some interest on the money saved by them after retirement. The management also contributes cash as its share in this provident fund. But for some time, the employees have been demanding to increase the interest rate on provident fund. However, the Provident Fund has not taken any decision on this. But it seems that a key decision has been taken recently regarding the interest rate. The Central Board of Trust has passed a resolution to raise the interest rate to 8.25 percent on the Employees' Provident Fund balances for the financial year 2023-24. However, in the wake of the news that interest rates on PF balances are likely to be reduced to 8 percent less than last year, it is remarkable that the Employees' Provident Fund Trust has taken a decision to increase interest rates. The hike in interest rates is likely to be a three-year high.

Employees' Provident Fund Trust met in March 2022. In the background of the problems at that time, the interest rate on the money kept by employees has been reduced from 8.5% to 8.1%. At that time there was a protest among the employees. Moreover, they criticized the center as the covid was also increasing. However, it is remarkable that the interest rates of the Employees' Provident Fund Trust have been increased for this period. In 1977-78, the interest rate on employees' provident fund balances was eight percent. For the financial year 2020-21, the interest rate on PF balances has been decided by the trust as 8.5%. At present, six crore subscribers are working in EPF Wo.

In March last year, the Employees Provident Fund Trust had a meeting. It has decided to increase the interest rate on employees' provident fund balances from 8.10% to 8.15%. Union Labor Minister Bhupendra Yadav chaired the EPFO ​​CBT meeting held on Saturday. It was announced that the decision taken by EPF OCBT will be informed to the Union Finance Department. It will be officially released if the Union Finance Ministry approves it. Moreover, in respect of the increased interest, the amount will be credited in the provident fund accounts of the employees. The employees are happy about the decision taken by EPFO. Employees say they will be relieved by increasing interest rates. Subscribers are happy about this decision.

Tags

  • Central Govt
  • Employees
  • good news for employees
  • PF
  • PF interest

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