EPFO likely to declare rate of interest on EPF deposits for 2020-21 on March 4

0
EPFO adds 12.37 lakh net subscribers in the month of Feb 2021
Of the 12.37 lakh net subscribers added during the month of February 2021, around 7.56 lakh new members have come into the social security ambit of EPFO for the first time.

EPFO likely to declare rate of interest on EPF deposits for 2020-21 on March 4

The Employees’ Provident Fund Organisation (EPFO) is likely to take up the proposal to announce the rate of interest for 2020-21 at its Central Board of Trustees (CBT) meeting at Srinagar, scheduled on March 4, the source said.

K E Raghunathan, who received the intimation about the scheduled meeting, said that there is no mention of discussion on the interest rate for 2020-21 in the intimation mail.

Speculation is rife that the EPFO may lower interest on provident fund deposits for this fiscal (2020-21), from 8.5 per cent it provided for 2019-20, in view of more withdrawals and lesser contribution by members during this fiscal mainly due to the COVID-19 pandemic.

Last year, in March, EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.

The EPFO had provided an 8.65 per cent interest rate to its subscribers for 2016-17, and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

It had given an 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

Speculation is rife that the EPFO may lower interest on provident fund deposits for this fiscal (2020-21), in view of more withdrawals and lesser contribution by members during this fiscal mainly due to the COVID-19 pandemic.

LEAVE A REPLY

Please enter your comment!
Please enter your name here