Govt approves 8.5 pc interest rate on EPF for FY'21
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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Ben Stokes questions ICC on over-rate calculations
Wellington, Dec 4: England captain Ben Stokes has not signed an over rate sheet since the Ashes Test at Lord's last year as he is waiting to have conversations with the ICC over his concerns around the over rate calculations.
Stokes' comments on the over rate came after both England and New Zealand were fined three points each from their World Test Championships tally for maintaining slow over rate during the first Test in Christchurch.
"The most frustrating thing, from both teams' points of view, is that the game finished early, there was a result. But I think the frustration actually stems back to last year in the Ashes where it was the first time I really brought it up to the match referee and the umpires," Stokes was quoted as saying by ESPNcricinfo.
"I guess the most frustrating thing is that it's always an issue depending on where you are in the world and the style of cricket that's played. There's never an over-rate issue in Asia because of how much spin is played."
Stokes had sarcastically posted emojis on social media on Tuesday after the ICC imposed the fines.
"There's so many tactical decisions that you need to make, whether that be chatting with the bowler or field changes," Stokes went on.
"As a captain, I like to change things quite a lot and the field could be completely different six balls in an over. But that's not taken into consideration. And getting told to just 'hurry up' isn't going to fix it, because we're out there playing a game."
Stokes has his reason for not signing the over rate sheet since the Ashes Test last year.
"The two conversations I've had with the match referees have actually been very good and the match referees have handled it very, very well and been very understanding from a player's point of view," Stokes said.
"But it's been over a year now since I made some comments around the over rates and still to this day we're yet to hear any response back from anyone at the ICC around that."
