EPFO likely to declare rate of interest on EPF deposits for 2020-21 on March 4
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Last 12 months, in March, EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, from 8.65% in 2018-19
Retirement fund physique EPFO is likely to announce the rate of interest on provident fund deposits for monetary 12 months 2020-21, on March 4, when its Central Board of Trustees will meet at Srinagar.
The Employees’ Provident Fund Organisation (EPFO) is likely to take up the proposal to announce rate of interest for 2020-21 at its Central Board of Trustees (CBT) assembly scheduled on March 4, supply mentioned.
Talking to PTI, K.E. Raghunathan, an EPFO trustee mentioned that on February 15 he obtained the intimation that the following CBT assembly is scheduled to be held on March 4, at Srinagar and that the agenda papers are likely to be despatched quickly.
He mentioned that there isn’t any point out about dialogue on interest rate for 2020-21 within the intimation mail.
Speculation is rife that the EPFO could decrease interest on provident fund deposits for this fiscal (2020-21), from 8.5% it offered for 2019-20,in view of extra withdrawals and lesser contribution by members throughout this fiscal primarily due to the COVID-19 pandemic.
Last 12 months, in March, EPFO had lowered interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20, from 8.65% in 2018-19.
The EPF (workers provident fund) interest rate offered for 2019-20 was the bottom since 2012-13, when it was 8.5%.
The EPFO had offered 8.65% interest rate to its subscribers for 2016-17, and eight.55% in 2017-18. The rate of interest was barely greater at 8.8% in 2015-16.
It had given 8.75% rate of interest in 2013-14 in addition to 2014-15, greater than 8.5% for 2012-13.
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