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Description: Rs. 3,900 crores. all you need to know, whats happening

Description: Rs. 3,900 crores.

According to the latest decision, interest will be credited at the rate of 8.1 per cent on the deposit amount for the year 2021-22.

The middle class is struggling to make money and trying to raise it through savings and investment. The lowest beneficiaries of development in the country and region; Although soft with a few islands of prosperity. An employee who receives a salary in his or her hands with a tax deduction is a taxpayer who must pay tax. This is something that the government has neglected in writing, no matter who it is. This middle class once again rotted. With a single decision, nearly Rs 3,900 crore was snatched from him. Last Friday (June 3) the Employees Provident Fund (EPF) cut interest rates by 0.40 per cent. The Employees Provident Fund Organization (EPFO) employs about six crore workers in the country and has about Rs. 16 lakh crore. According to the latest decision, the interest rate on deposits will be 8.1 per cent in 2021-22 instead of 8.5 per cent in previous years. That means saving Rs 3,900 crore from EPFO ​​by paying 0.40 per cent less interest. Of the nearly 57 crore members, one says it is Rs 3,900 crore. Dividing would have cost Rs 580 each. What is so sacrificing to sustain the economy? But it should also be noted that this is a long-term investment for post-retirement financial security. It is not a year until the employee retires, it is a compound that is compounded annually. Over the last 32 years, interest rates on PFs have been steadily declining from 12 per cent to 8.1 per cent. Examples of growth are exceptional. However, this is the first time that the interest rate has been reduced by 40 basis points (0.40 per cent) per annum instead of 10-15 basis points per annum. If he wants to get out of the huge cuts he is experiencing today, he has to look at how and to what extent he will have to spend for the future after retirement. In fact, everyone should try to do some math. In the EPF composition, 12% of the employee’s basic salary is credited to his PF account each month. So much so that the company he works for is just as supportive. However, 8.33 per cent of the employer contribution goes to the Employees’ Pension (EPS) scheme. This means that 12% of EPFO ​​pays interest only on the amount equivalent to 3.67% in the employer and employer company and the employee expects the same capital on an aging basis. This is not capital – this is Arakora capital – it tells the story of retired employees over the past few years. The combined effects of rising life expectancy, declining health, rising medical costs, falling interest rates on savings and rising inflation have left many facing financial hardship after retirement. That is why the forced savings that workers make for the future are so valuable. That is why the government should be aware of the fact that these available options should not be wasted as there is a huge gap in social security regulations.

Web Title: The government has lowered the pf interest rate on low interest rates on epf zws

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2022-06-05 20:07:42

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