‘EPFO decides to credit score a part of 8.5% curiosity for FY20’

NEW DELHI: Retirement fund physique EPFO on Wednesday determined to credit score part of 8.5 per curiosity on workers provident fund (EPF) for 2019-20 into the account of its round 6 crore subscribers.
The choice to supply 8.15 per cent curiosity on EPF has been taken on the Workers’ Provident Fund Organisation’s (EPFO) trustees meet held on Wednesday, a supply informed PTI.
The remaining 0.35 per cent price of curiosity on EPF for 2019-20 could be credited into the subscribers account in December this yr, the supply additional mentioned.
The EPFO had earlier deliberate to liquidate a few of its funding in change traded funds to satisfy the deficit for offering 8.5 per cent curiosity for the final fiscal.
Nevertheless, it couldn’t achieve this due to the uneven market circumstances amid lockdown induced by Covid-19.
The EPFO’s apex resolution making physique Central Board of Trustees (CBT) will meet once more in December and take a name on crediting remaining 0.35 per cent curiosity into subscribers account.
The problem was not listed on the agenda. Nevertheless, some trustees raised the difficulty of delay in crediting curiosity into subscribers’ account.
The board headed by labour minister Santosh Gangwar had determined to supply 8.5 per cent rate of interest for 2019-20 in its assembly held in March this yr.
The supply additionally mentioned that the finance ministry has already given its concurrence to eight.5 per cent curiosity for the final fiscal.

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