Retirement fund physique EPFO is prone to announce the speed of curiosity on provident fund deposits for monetary 12 months 2020-21, on March 4, when its Central Board of Trustees will meet at Srinagar.
The Workers’ Provident Fund Organisation (EPFO) is prone to take up the proposal to announce price of curiosity for 2020-21 at its Central Board of Trustees (CBT) assembly scheduled on March 4, supply mentioned.
Speaking to PTI, Okay E Raghunathan, an EPFO trustee mentioned that on Monday he acquired the intimation that the following CBT assembly is scheduled to be held on March 4, at Srinagar and that the agenda papers are prone to be despatched quickly.
He mentioned that there is no such thing as a point out about dialogue on rate of interest for 2020-21 within the intimation mail.
Hypothesis is rife that the EPFO could decrease curiosity on provident fund deposits for this fiscal (2020-21), from 8.5 per cent it supplied for 2019-20, in view of extra withdrawals and lesser contribution by members throughout this fiscal primarily because of the COVID-19 pandemic.
Final 12 months, in March, EPFO had lowered rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.
The EPF (staff provident fund) rate of interest supplied for 2019-20 was the bottom since 2012-13, when it was 8.5 per cent.
The EPFO had supplied 8.65 per cent rate of interest to its subscribers for 2016-17, and eight.55 per cent in 2017-18. The speed of curiosity was barely greater at 8.8 per cent in 2015-16.
It had given 8.75 per cent price of curiosity in 2013-14 in addition to 2014-15, greater than 8.5 per cent for 2012-13.
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