EPFO can announce rate of interest on PF for the monetary yr 2020-21 right this moment. Some media studies have acknowledged that this rate of interest can vary from 8.30 to eight.50 %. If the EPFO declares 8.30 per cent rate of interest, it is going to be the bottom rate of interest of the last decade.
8.50 per cent rate of interest could also be maintained
A gathering of the Central Board of Trustees of the EPFO is happening in Srinagar. The rate of interest might be mentioned on this assembly and it is going to be introduced after approval. A gathering of the Monetary Advisory Committee of the EPFO has been held on Wednesday night. Nonetheless, sources say the EPFO can retain the 8.50 per cent rate of interest for the earlier yr (2019-20). 8.50 per cent rate of interest might be a matter of aid for the contributors as it’s anticipated to be missing. If this occurs, it is going to be the bottom PF rate of interest of the last decade.
EPFO earns sufficient, it isn’t tough to pay 8.5% curiosity
Sources say that this time it should have no downside in paying curiosity between 8.30 to eight.50 per cent from the incomes of EPFO. There have been many apprehensions in regards to the rate of interest of 2019-20. There have been additionally questions on fairness gross sales and curiosity credit score.
It was feared that EPFO wouldn’t be capable to pay 8.50 per cent curiosity. Nonetheless, even after the announcement of 8.50 per cent curiosity, KYC was not matched, as a consequence of which the cash of 40 lakh subscribers of EPFO couldn’t be credited on time. Nonetheless, everyone seems to be watching the rate of interest on EPFO in 2020-21. Nonetheless, it’s anticipated that the EPFO pays 8.50 per cent curiosity this time like final yr.
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