Provident Fund ALERT! EPFO fixes 8.5% interest for 2020-21

0

Get real time updates directly on you device, subscribe now.

Loading...


Image Source : PTI

Provident Fund ALERT! EPFO fixes 8.5% interest for 2020-21

Loading...

Retirement fund body EPFO on Thursday decided to retain 8.5 per cent rate of interest on provident fund deposits for the current financial year. EPFO has more than five crore active subscribers.

The Employees’ Provident Fund Organisation’s (EPFO) apex decision-making body Central Board of Trustees decided to fix 8.5 per cent rate of interest for 2020-21 at its meeting in Srinagar on Thursday, sources said.

Loading...

There were speculations that the EPFO would lower interest on provident fund deposits for this fiscal (2020-21) from 8.5 per cent given in 2019-20 in view of more withdrawals and lesser contribution by members amid the coronavirus pandemic.

In March last year, the EPFO had lowered 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.

Loading...

The EPF (Employees Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13, when it was 8.5 per cent.

The EPFO had provided 8.65 per cent interest rate to its subscribers in 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 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. The EPFO had provided 8.25 per cent rate of interest on provident fund in 2011-12.

Loading...

ALSO READ: ​Banking services may get affected later this month due to proposed 2-day bank strike

Loading...

Latest Business News



Loading...

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Business headlines.

Loading...

For all the latest Business News Click Here 

For the latest news and updates, follow us on Google News. 

Loading...

Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you. 

Source

Loading...

Get real time updates directly on you device, subscribe now.