EPFO likely to declare rate of interest on EPF deposits for 2020-21 on March 4 – Times of India

NEW DELHI: Retirement fund physique EPFO is likely to announce the rate of interest on provident fund deposits for monetary 12 months 2020-21, on March 4, when its Central Board of Trustees will meet at Srinagar.
The Employees’ Provident Fund Organisation (EPFO) is likely to take up the proposal to announce rate of interest for 2020-21 at its Central Board of Trustees (CBT) assembly scheduled on March 4, supply mentioned.
Talking to PTI, Ok E Raghunathan, an EPFO trustee mentioned that on Monday he acquired the intimation that the following CBT assembly is scheduled to be held on March 4, at Srinagar and that the agenda papers are likely to be despatched quickly.
He mentioned that there is no such thing as a point out about dialogue on interest rate for 2020-21 within the intimation mail.
Speculation is rife that the EPFO might decrease interest on provident fund deposits for this fiscal (2020-21), from 8.5 per cent it offered for 2019-20,in view of extra withdrawals and lesser contribution by members throughout this fiscal primarily due to the Covid-19 pandemic.
Last 12 months, in March, EPFO had lowered interest rate on provident fund deposits to a seven-12 months low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.
The EPF (staff provident fund) interest rate offered for 2019-20 was the bottom since 2012-13, when it was 8.5 per cent.
The EPFO had offered 8.65 per cent interest rate to its subscribers for 2016-17, and eight.55 per cent in 2017-18. The rate of interest was barely greater at 8.8 per cent in 2015-16.
It had given 8.75 per cent rate of interest in 2013-14 in addition to 2014-15, greater than 8.5 per cent for 2012-13.