EPFO: Finance Ministry indicates, 8.5% EPF Interest to be credited soon

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EPFO keeps 8.50% interest rate for the financial year 2020-21
The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into the subscribers’ accounts.

EPFO: Finance Ministry indicates, 8.5% EPF Interest to be credited soon

According to Indian Express report, EPFO is learned to have got clearance from the Finance Ministry for an interest rate recommendation of 8.5 per cent for FY20 and is expected to credit it to epf subscribers in the next few days.

EPFO is looking at crediting the interest rate in one go instead of a split of 8.15% and 0.35% proposed earlier.

In September this year, the Employees Provident Fund Organisation had decided to split 8.5 percent interest into two installments of 8.15 percent and 0.35 percent in its trustees meet headed by Labour Minister Santosh Gangwar.

However, the source said that the Labour Ministry had sent a proposal to the Finance Ministry to give concurrence to credit 8.5 per cent rate of interest on EPF for 2019-20. The officials of both labour and finance ministries held meetings this week regarding the same and now, the Finance Ministry has given the nod and 8.5% EPF Interest to be credited in next few days in EPF subscribers account.

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