In what could bring cheers to account of its around 6 crore subscribers, retirement fund body Employees’ Provident Fund Organisation’s (EPFO) on Wednesday decided to credit 8.5 percent interest on employees provident fund (EPF) for 2019-20 in two installments.
The retirement body will provide 8.15 percent interest on the EPF account of subscribers now while the remaining The remaining 0.35 percent rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year.
A decision regarding this has been taken at the EPFO trustees meet held on Wednesday.
The EPFO had earlier planned to liquidate some of its investment in exchange traded funds to meet the deficit for providing 8.5 percent interest for the last fiscal, but it could not do so because of the volatile market conditions amid COVID-19 led nationwide lockdown.
The EPFO’s apex decision making body Central Board of Trustees (CBT) will meet again in December. The CBT will then take a decision regarding crediting the remaining 0.35 percent interest into subscribers account.
The board headed by Labour Minister Santosh Gangwar had decided to provide 8.5 percent interest rate for 2019-20 in its meeting held in March this year.