Hello
The normal rate of 10 per cent will be applicable for those who have linked their EPF account with a valid PAN.
Her ministry is the nodal authority for approving the recommendation of the Central Board of Trustees of Employees' Provident Fund Organization.
Sivankutty said that the CBT's recommendation 'has created huge resentment among the workers'.
This is the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
The 8.5 per cent rate of interest on provident fund deposits for the last financial year was decided by the EPFO's apex decision-making body Central Board of Trustees (CBT) headed by Labour Minister in March this year.
The Central Board of Direct Taxes (CBDT) on Wednesday notified rules for calculating taxable interest in provident fund.
The two-member Bench expressed the view that it would be better if the matter was heard by a three-member Bench.
The programme involves payment of the EPFO contribution for a newly-appointed employee with a monthly salary of less than Rs 15,000 as government subsidy for the first two years.
Earlier last year, the Employees' Provident Fund Organisation had allowed its members to withdraw COVID-19 advance to meet exigencies due to the pandemic.
There were speculations that the EPFO would lower interest on provident fund deposits for this fiscal (2020-21) from 8.5 per cent given in 2019-20 in view of more withdrawals and lesser contribution by members amid the coronavirus pandemic.