There is a big relief news for 60 million EPFO subscribers of the country. There has been no change in the interest rates of PF for the financial year 2020-21.
EPFO Rate: There is great relief news for 60 million EPFO subscribers of the country. There has been no change in the interest rates of PF for the financial year 2020-21. Today the decision has been taken in the meeting of the Central Board of Trustees (CBT) of the EPFO.
8.5% interest will be available on PF
There were reports that interest rates on PF could be reduced in the meeting. But now the board has kept the interest rates steady at 8.5% for the financial year 2020-21. In FY 2020, EPFO earnings have been affected. In March last year, EPFO reduced the interest rates on provident funds to 8.5% for the financial year 2019-20. The board had earlier also said that it would pay 8.5% interest to its subscribers in two installments by March 31, 2020, 8.15% from debt investment and 0.35% from equity investment.
Interest rate was 8.5% in FY 2019-20 too
In FY 2020, EPF got an interest of 8.5%, which is the lowest interest in 7 years. Prior to this in FY 2013, the interest rates on EPF were 8.5%. In March last year, the EPFO revived the interest. Earlier, in FY 2019, EPF used to get 8.65% interest. EPFO paid 8.55% interest in FY 2018, which was 8.8% in its first fiscal year 2016. Earlier, in FY 2014, it was 8.75%.
Let us tell you that EPF has 6 crore subscribers across the country. In FY 2020 too, there was a delay in getting interest to these crores of people due to the mess in KYC.
