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.