New Delhi: The government has approved an interest rate of 8.5 percent on employees’ funds for Fiscal 2020-21, said source.
Right in front of Diwali, this is good news for more than 5 crore customers from the Provident (EPFO) fund organization.
The interest rate of 8.5 percent 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 reduced the invelent fund deposits to 7.5 percent of the lowest level of 2019-20, starting at 8.65 percent in 2018-19.
The EPF rate (provident carpictent fund) provided for 2019-20 is the lowest since 2012-13, when it was reduced to 8.5 percent.
EPFO has provided an interest rate of 8.65 percent to its customers in 2016-17 and 8.55 percent in 2017-18.
The interest rate is slightly higher at 8.8 percent in 2015-16.
It has provided an interest rate of 8.75 percent in 2013-14 and in 2014-15, higher than 8.5 percent for 2012-13.
The interest rate is 8.25 percent on Provident funds in 2011-12.