Finance Minister Nirmala Sitharaman on Monday defended a proposal to cut interest rate paid on employees’ provident fund deposits to over four-decade low of 8.1 per cent, saying the rate is dictated by today’s realities where interest rate on other small saving instruments was even lower.
PF rate reduced to four-decade low
The Employees’ Provident Fund Organisation (EPFO) today decided to pay 8.1 per cent rate of interest on provident fund deposits for the current financial year 2021-22.
