Employees Provident Fund Organization
– Photo: Social Media
Listen to the news
A source informed the news agency PTI that out of the fixed rate of 8.50 percent on the Employees Provident Fund (EPF), it has been decided to pay 8.15 percent interest at present. The decision was taken in a meeting of the EPFO Trustee on Wednesday.
Sources said that the remaining 0.35 percent interest will be paid into the EPF accounts of the shareholders by December this year. EPFO had earlier planned to market its funds invested in exchange traded funds. The decision was taken to make full payment of interest at the rate of 8.5 per cent to EPF shareholders, but this could not be done due to the huge upsurge in the market due to Kovid-19.
The Central Board of Trustees of EPFO is the apex decision making body of the organization. It will meet again in December 2020, which will consider the payment of interest dues at the rate of 0.35 percent in the accounts of Provident Fund shareholders.
This issue of interest payment was not listed in today's meeting of the Board of Trustees but some trustees raised the issue of delay in payment of interest in PF accounts. Labor Minister Santosh Gangwar is the Chairman of the Board of Trustees. The board, in a meeting held in March this year, has decided to pay 8.5 percent interest on PF for 2019-20. Sources said that the Finance Ministry has already agreed to the decision of paying 8.5 percent interest on PF for the last financial year.