New Delhi: An organization which deals in retirement funds EPFO decided to credit a major portion of 8.5 per cent interest for the fiscal year 2019-20 on the deposits in the employees’ provident fund (PF) accounts.
According to PTI, this decision will benefit about 60 million subscribers of EPF. It was proposed today it will pay 8.15 percent interest on EPF at a meeting of the trustees of the Employees Provident Fund Organization. The source said that the remaining 0.35 per cent interest will be credited to the account of EPF subscribers in December this year.
Earlier, EPFO had planned to capitalize some of its investments in exchange traded funds to pay 8.5 per cent interest for the last financial year. However, this was not implemented due to market fluctuations due to the circumstances arising out of Coronavirus.
The meeting of the Central Board of Trustees (CBT), the apex body decided by the EPFO, will take place again in December. In this meeting, a decision will be taken regarding credit of interest of remaining 0.35 per cent in the account of subscribers.