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A part of 8.5% curiosity to be credited into accounts of 6 crore subscribers, EPFO says

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REPRESENTATIONAL IMAGE
Picture Supply : PTI

REPRESENTATIONAL IMAGE

Part of 8.5 p.c curiosity on staff provident fund (EPF) for 2019-20 into the account of its round 6 crore subscribers, retirement fund physique EPFO stated right now. The choice has been taken on the Staff’ Provident Fund Organisation EPFO) trustees meet held on Wednesday. The remaining 0.35 per cent price of curiosity on EPF for 2019-20 can be credited into the subscribers account in December this 12 months, a supply informed PTI.

Earlier, the EPFO had deliberate to liquidate a few of its funding in change traded funds to fulfill the deficit for offering 8.5 per cent curiosity for the final fiscal. Nonetheless, it couldn’t accomplish that due to the uneven market circumstances amid lockdown induced by COVID-19.

The EPFO’s apex choice making physique Central Board of Trustees (CBT) will meet once more in December and take a name on crediting remaining 0.35 per cent curiosity into subscribers account.

The problem was not listed on the agenda. Nonetheless, some trustees raised the difficulty of delay in crediting curiosity into subscribers’ account.

The board headed by Labour Minister Santosh Gangwar had determined to offer 8.5 per cent rate of interest for 2019-20 in its assembly held in March this 12 months.

The supply additionally stated that the Finance Ministry has already given its concurrence to eight.5 per cent curiosity for the final fiscal.

(With PTI inputs)

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