The Modi government is preparing to reduce the rate of interest paid to the employees on Provident Fund. In reply to a question in the Lok Sabha, Minister of State for Labour and Employment Santosh Kumar Gangwar said that in the 227th meeting of the Central Board of EPF on September 9, the Board recommended cutting down the interest rate on PF to 8.5 percent, citing the COVID-19 epidemic. However, no consent has been given by the Center at this time.
In 2016-17, employees used to get an interest of 8.65 percent on EPF. Whereas in 2017-18, the interest rate was reduced by 0.10 percent to 8.55 percent. While the interest rate on EPF was again raised to 8.65 percent in 2018-19. Now the Modi government at the Centre is trying to cut it again.
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