New Delhi: The Centre on Friday fixed Employees’ Provident Fund (EPF) interest rate at 8.1 percent for financial year 2022.

The Ministry of Labour and Employment has conveyed approval of the Central Government to credit 8.1 percent of interest for 2021-22 to each member of the EPF scheme, an EPFO Office order said.

The interest rate, lowest in the last four decades, is set to impact 60 million subscribers.

The EPFO had in March proposed to cut the interest rate on provident fund deposits from 8.5 percent to 8.1 percent for the financial year 2021-22.

The EPFO had added 1.53 million subscribers in March this year. It was 19 percent more than 1.28 million enrolled in February.

The 8.5 percent rate of interest for 2020-21 was decided by the Central Board of Trustees (CBT) in March and ratified by the Ministry of Finance in October last year.

The EPF interest rate for 2019-20 was at 8.5 percent, for 2017-18 it was 8.55 percent and for 2016-17 it was 8.65 percent.

In 2015-16 it was 8.8 percent and 8.75 percent in 2015-16. The EPFO had given 8.5 percent for 2012-13 and 8.25 percent in 2011-12.

Rahul slams Centre

Congress MP Rahul Gandhi on Saturday took a dig at the Narendra Modi-led Government at the Centre over cut in interest rate of Employees’ Provident Fund (EPF).

He ridiculed the Modi model as ‘increase inflation, income reduce model’ of the ruling dispensation.

“Just by calling one’s residential address as ‘Lok Kalyan Marg’ it need not bring welfare to people. The Prime Minister implemented the ‘increase inflation, income reduce model’ to destroy the present and future of 6.5 crore employees,’ he tweeted.

The former Congress President along with his tweet also shared a graphic showing the cut in EPF interest rate since 2015.