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EPFO decides to credit part of 8.5 % interest for FY20
Retirement fund body EPFO on Wednesday decided to credit an area of 8.5% interest on employees provident fund for 2019-20 into the account of its around 6 crore subscribers.
The decision to produce 8.15% interest on EPF has been taken at the Employees' Provident Fund Organizations’ trustees meet continued Wednesday, a source told PTI.
The remaining 0.35% rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year, the source further said.
The EPFO had earlier planned to liquidate a number of its investment in exchange traded funds to fulfill the deficit for providing 8.5% interest for the last fiscal.
However, it could not do so because of the choppy market conditions amid lockdown induced by Covid-19.
The EPFO's apex deciding body Central Board of Trustees will meet again in December and take a turn crediting remaining 0.35% interest into subscribers account.
