The Central Board of Trustees (CBT) headed by.....is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Central Board of Trustees (CBT) headed by____is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.

A	HRD Minister
B	Labour Minister
C	Finance Minister
D	Prime Minister

Explanation:

Detailed explanation-1: -Earlier in June, the government approved an 8.1% interest for 2021-22 for over five crores EPF subscribers. Usually, the EPFO starts crediting the interest into the PF accounts after the government ratifies the interest rate.

Detailed explanation-2: -The TDS rate has been reduced from 30% to 20% on taxable withdrawal of EPF for individuals who do not posses PAN. The government has decided to retain the EPF interest rate of 8.1% for the financial year 2021-22.

Detailed explanation-3: -Board members are likely to flag this unprecedented delay and pointed out that the EPF interest for 2020-21 had been credited to members’ accounts by December 2021.

Detailed explanation-4: -The same was ratified in June 2022 but the interest has not been credited yet. Trustees of retirement fund body Employees Provident Fund Organisation have raised the raised the issue of non-credit of interest for employees’ provident fund (EPF) for the year 2021-22 even after it was ratified in June 2022.

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