8.50% Interest On EPF Balance In 2020-21, Know Other Decisions Taken In CBT Meeting
8.50% interest on EPF balance in 2020-21: – CBF (Central Board of Trustees) meeting held on 4 March 2021 recommends 8.50% interest on EPF for FY 2020-21 | The Ministry of Labor and Employment has also confirmed this news by releasing its press, which we also posted on March 4.
But apart from this, any major decision on the increase in eps-95 minimum pension was also expected, in this post you will also know about other decisions taken in the CBT meeting.
Considering the economic situation of the country due to Corona epidemic, it was almost expected that 8.50 per cent interest rate given for FY 2019-20 would be reduced for FY 2020-21, but vice versa 8.50 The interest rate of% has been maintained and in such a situation.
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(Opens in a new browser tab)The interest rate of 8.50% is not less than any gift for PF subscribers, now waiting for this interest rate to be approved by the Ministry of Finance, after which all the PF account holders Interest will be credited to PF accounts. Hopefully, like the financial year 2019-20, this time too do not have to wait long to get the interest amount.EPS-95 Pensioner Once Again Frustrated
eps-95 Pensioners have been demanding for minimum pension increase and medical facility for a long time and in the CBT meeting held on March 4, any major decision regarding minimum pension increase was expected, but in this meeting also the minimum pension increase.
No decision has been taken, due to which the eps-95 pensioners are once again in despair, now it is expected that there will be a hearing from the Supreme Court regarding the minimum pension increase.
Other Decisions Taken In CBT Meeting
The following important decisions were taken by the Central Board of Trustees of the Employees Provident Fund: –
- The Central Board has recommended an 8.50 per cent annual rate of interest to be provided on EPF accrual in the members’ accounts for the financial year 2020-21. The interest rate will be officially notified in the official gazette, after which the rate of interest will be credited to the accounts of EPFO customers.
- The Board approved the creation of 98 posts in various cadres required for the uninterrupted functioning of the regional offices of Jammu and Kashmir and the path for smooth merger of all employees and officers of the Jammu and Kashmir EPFO into the Central Board of Trustees of the Employees Provident Fund Paved.
- The Board also approved the revised estimates for the year 2020-21 and the budget estimates for the year 2021-22 for the EPFO and the schemes run by it.
- In this CBT meeting, employers’ representatives, employees and other senior officials of the central government and EPFO were also present.
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