New Delhi: The government has approved an interest rate of 8.5% of employees’ funds for the Fiscal Year 2020-21, said the source.
The interest rate of 8.5% on the provider’s fund deposit for the last financial year was decided by the EPFO decision-making agency, the Supervisory Council (CBT) led by the Minister of Labor in March this year.
A source said on Friday, “The interest in EPF for 2020-21 has been ratified by the Ministry of Finance and will now be credited into the account of more than five crore customers.” In March last year, the EPFO has lowered interest rates on invelent fund deposits to seven-year low of 8.5% for 2019-20, from 8.65% in 2018-19.
The EPF interest rate (provident fund) provided for 2019-20 is the lowest since 2012-13, when it was brought to 8.5%.
EPFO has provided an interest rate of 8.65% to its customers in 2016-17 and 8.55% in 2017-18.
The interest rate is slightly higher at 8.8% in 2015-16.
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