Great news is coming for the employees. More amount of money can come into the PF account from next month. The Employees Provident Fund Organization (EPFO) may soon announce an interest rate of 8.5 per cent for employees for the financial year 2020-21 by the end of July. The EPFO has received approval from the Ministry of Labour in this regard. The process is expected to begin soon.
More than 6 crore employees will get benefits
This could be reassuring news for the nearly 6 crore employees across the country who come under the purview of PF after getting approval from the Ministry of Labour. The EPFO may offer 8.5 per cent interest for the fiscal year 2020-21 till the end of July. According to media reports, interest payments can be credited directly to the employee’s account.
Last year, many EPFO account holders had to wait up to 10 months to get interest for 2019-20. The EPFO had decided to keep interest rates unchanged at 8.5 per cent for fiscal year 2020-21. In addition, the EPFO had allowed account holders to withdraw non-refundable Covid-19 advances due to the second wave of Corona epidemic across the country.