EPFO NEWS ALERT! GOOD NEWS for 6 crore PF subscribers: 8.5 % Interest on Provident Fund deposits to be credited? Check date
In a good news for around 6 crore government employees, covered under the ambit of provident fund, the Employees Provident Fund Organisation (EPFO) will soon credit 8.5 per cent interest for FY 2020-21 in the account of these employees, said sources
In a good news for around 6 crore government employees, covered under the ambit of provident fund, the Employees Provident Fund Organisation (EPFO) will soon credit 8.5 per cent interest for FY 2020-21 in the account of these employees, said sources. It is learnt that Labour Ministry had given a green signal to the proposal in this regard and interest will be credited into beneficiaries account by July end itself.
See Zee Business Live TV Streaming Below:
In the last FY 2019-20, many EPF subscribers had to wait for 8 to 10 months for getting their due in the form of interest rate.
Interest rate unchanged on PF deposits at 8.5 per cent
Earlier, the Employees Provident Fund Organisation has decided to keep the interest rate unchanged at 8.5 per cent, which is the lowest interest rate offered by the India's social security body in the past 7 seven years. Besides, in order to support EPF subscribers during these difficult times of coronavirus pandemic, the EPFO had also given withdrawal approval to non-refundable Covid 19 advance amount.
The decision to keep the interest rate unchanged at 8.5 per cent was taking in a board meeting chaired by Labour and Employment Minister Santosh Kumar Gangwar in Srinagar in March.
What labour Ministry had said?
"Since FY14, EPFO has consistently generated returns of over 8.5 per cent. A high EPF interest rate along with compounding makes a significant difference to gains of subscribers. This is despite the fact that EPFO has consistently followed a conservative approach towards investment, putting highest emphasis on the safety and preservation of principal first approach. Risk appetite of EPFO is very low since it involves investing poor man's retirement savings also," the Labour Ministry had said in a statement after announcing to keep the interest rate on PF deposits same as the last year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
09:01 AM IST