New Delhi(PTI): The government has approved 8.5 per cent rate of interest on employees' provident fund for the 2020-21 fiscal, a source said.
Just ahead of Diwali, this is a good news for over five crore subscribers of the Employees Provident Fund Organisation (EPFO).
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.
A source said on Friday, "The rate of interest on EPF for 2020-21 has been ratified by the Ministry of Finance and now it would be credited into the accounts of over five crore subscribers."
In March last year, the EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.
The EPF (Employees Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent.
The EPFO had provided 8.65 per cent interest rate to its subscribers in 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.
It had given 8.75 per cent rate of interest in 2013-14 as well as in 2014-15, higher than 8.5 per cent for 2012-13. The rate of interest was 8.25 per cent on provident fund in 2011-12.
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Gadag: A centuries-old stepwell from the Kalyani Chalukya period is discovered into public in Sudi, a remote village in Karnataka’s Gadag district. The Nagakunda Pushkarani, dating to the 10th-11th century CE, is undergoing extensive restoration under the Department of Archaeology, Museums and Heritage’s ‘Adopt a Monument’ scheme.
The stepwell was focal point of community life and craftsmanship under the reign of Akkadevi, sister of Chalukya king Jayasimha II. It shows the dynasty’s mastery of architecture and water management. Its interior walls are carved with the precision of temple façades, setting it apart from most surviving stepwells in southern India, linking it stylistically to examples in Gujarat and Rajasthan.
After centuries of neglect left its sculptures weathered and its waters dry, the site is now being revived by the Deccan Heritage Foundation India in partnership with Heritage Matters, the Gandipet Welfare Society and the Water Literacy Foundation according to a report published by The HIndu. Work includes structural repairs, removal of invasive vegetation, dredging, stone resetting and landscaping, alongside the restoration of an adjacent mantapa with a large Ganesha idol.
Heritage architect B. Sarath Chandra noted, the project is as much about functionality as aesthetics, with water recharge efforts already underway. Funded by Gandipet Welfare Society founder Rajashree Pinnamenni, the restoration is slated for completion by late 2025, followed by a second phase linking the stepwell to the Jodu Kalasadagudi temple through landscaped pathways.
The report mentions that officials say the revival of Nagakunda Pushkarani could not only reintroduce Sudi’s Chalukya heritage to a wider audience but also serve as a model for conserving other lesser-known monuments across Karnataka.