EPFO: PF interest @ 8.5 % will be credited to your PF account by today
There is good news for employees from the government before the new year. The government has accepted a proposal to offer a lump sum interest of 8.5 % on the Employees Provident Fund for the financial year 2019-20. It is possible that this amount of interest will be credited to the employees’ account by today i.e. 31st December 2020. Earlier, the Employees Provident Fund Organization (EPFO) had offered interest in two installments of 8.15% and 0.35%.
The government has said in an official statement that the Finance Ministry has approved the Employees Provident Fund Organization (EPFO) to pay a lump sum of 8.5 % interest. The official of the ministry said, “The Ministry of Labor and Finance met this week on the proposal regarding interest rates. The finance ministry expressed concern about some risky investments and sought some details. But it has approved the interest rate proposal. ‘
In March this year, the Central Board of Trustees of EPFO decided to pay 8.5% interest on EPF for the financial year 2019-20. In September, it was offered 8.5% in two installments, given the situation caused by Covid-19. The EPFO said in the proposal that the 8.15 % installment should be immediately credited to the accounts of six crore employees and the remaining 0.35 % should be credited before December 31.