The federal government has authorized 8.5 per cent price of curiosity on workers’ provident fund for the 2020-21 fiscal, a supply mentioned.
Simply forward of Diwali, this can be a excellent news for over 5 crore (50 million) subscribers of the Staff Provident Fund Organisation (EPFO).
The 8.5 per cent price of curiosity on provident fund deposits for the present monetary 12 months was determined by the EPFO’s apex determination making physique Central Board of Trustees (CBT) headed by Labour Minister in March this 12 months.
A supply mentioned on Friday, “The speed of curiosity on EPF for 2020-21 has been ratified by the Ministry of Finance and now it might be credited into the accounts of over 5 crore subscribers.”
In March final 12 months, the 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 introduced down to eight.5 per cent.
The EPFO had supplied 8.65 per cent rate of interest to its subscribers in 2016-17 and eight.55 per cent in 2017-18. The speed of curiosity was barely increased at 8.8 per cent in 2015-16.
It had given 8.75 per cent price of curiosity in 2013-14 in addition to in 2014-15, increased than 8.5 per cent for 2012-13. The speed of curiosity was 8.25 per cent on provident fund in 2011-12.
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