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Part of 8.5% interest to be credited into accounts of 6 crore subscribers, EPFO says

A part of 8.5 percent interest on employees provident fund (EPF) for 2019-20 into the account of its around 6 crore subscribers, retirement fund body EPFO said today.

India TV News Desk India TV News Desk
New Delhi Published on: September 09, 2020 15:00 IST
REPRESENTATIONAL IMAGE
Image Source : PTI

REPRESENTATIONAL IMAGE

A part of 8.5 percent interest on employees provident fund (EPF) for 2019-20 into the account of its around 6 crore subscribers, retirement fund body EPFO said today. The decision has been taken at the Employees' Provident Fund Organisation EPFO) trustees meet held on Wednesday. The remaining 0.35 per cent rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year, a source told PTI.

Earlier, the EPFO had planned to liquidate some of its investment in exchange traded funds to meet the deficit for providing 8.5 per cent interest for the last fiscal. However, it could not do so because of the choppy market conditions amid lockdown induced by COVID-19.

The EPFO's apex decision making body Central Board of Trustees (CBT) will meet again in December and take a call on crediting remaining 0.35 per cent interest into subscribers account.

The issue was not listed on the agenda. However, some trustees raised the issue of delay in crediting interest into subscribers' account.

The board headed by Labour Minister Santosh Gangwar had decided to provide 8.5 per cent interest rate for 2019-20 in its meeting held in March this year.

The source also said that the Finance Ministry has already given its concurrence to 8.5 per cent interest for the last fiscal.

(With PTI inputs)

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