News > Employees’ provident fund rate cut reflects ‘today’s realities’, says finance minister

Employees’ provident fund rate cut reflects ‘today’s realities’, says finance minister

The proposed rate cut on employees’ provident fund deposits from 8.5% to 8.1% reflects “today’s realities”, Finance Minister Nirmala Sitharaman on Monday. On March 12, the Central Board of Trustees of the Employees’ Provident Fund Organisation proposed to lower the interest rate for subscribers on retirement savings scheme for 2021-’22.

She added that the returns on other small savings schemes such as the Sukanya Samriddhi Yojana, the Senior Citizens’ Savings scheme and the Public Provident Fund were even lower.