This time, interest on PF will be available in two installments, EPFO also reduces interest rate, know what is the new rate
- Interest rates reduced on PF money
- EPFO will pay partial payment
- Will pay in two installments
The Employee’s Provident Fund Organization, which oversees the management of the provident fund, on Wednesday paid close to six million of its subscribers a fixed interest on PF money for FY 2019-20. Partial payment Have decided to do. The organization will not be able to pay the fixed interest rates for this financial year, while this time the interest rate will be available in two installments.
Giving information, a source said that out of the fixed rate of 8.50 percent on PF, it has been decided to pay 8.15 percent interest at present. This decision was taken in the meeting of the EPFO trustees on Wednesday. Sources said that the remaining 0.35 percent interest will be paid by December this year in the EPF accounts of the subscribers.
Please tell that EPFO had earlier planned to sell its funds invested in Exchange Traded Fund in the market. The decision was taken to make full payment of interest to EPF subscribers at the rate of 8.5 per cent, but this could not be done due to heavy lifting in the market due to Kovid-19.
The Central Board of Trustees of EPFO is the apex decision making body of the organization. It will meet again in December 2020, which will consider the payment of interest dues at the rate of 0.35 percent in the accounts of provident fund subscribers. This issue of interest payment was not listed in today’s meeting of the Board of Trustees, but some trustees raised the issue of delay in payment of interest in PF accounts.
Labor Minister Santosh Gangwar is the Chairman of the Board of Trustees. The board, in a meeting held in March this year, has decided to pay 8.5 percent interest on PF for 2019-20. Sources said that the Finance Ministry has already agreed to the decision of paying 8.5 percent interest on PF for the last financial year.
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(This news has not been edited by the NDTV team. It is published directly from the Syndicate feed.)