It has been reported that the EPFO retirement fund is likely to announce interest rates on provident fund deposits for the 2020-21 financial year on 4 March, when its Central Board of Trustees will meet in Srinagar.
EPFO is likely to announce the interest rate on provident fund deposits for the financial year 2020-21 on March 4, when its Central Board of Trustees will meet in Srinagar, as part of a major development report. At its Central Board of Trustees (CBT) meeting scheduled for March 4, the Employees Provident Fund Organization (EPFO) is likely to take up the proposal to announce interest rates for 2020-21, the PTI report said.
K E Raghunathan, an EPFO trustee, said he received intimation on Monday that the next meeting of the CBT is scheduled to take place in Srinagar on March 4 and that, as per the report, the agenda papers are likely to be mailed soon. He said that the discussion on the interest rate for 2020-21 in the intimation mail is not mentioned.
Speculation is rife that the EPFO may lower interest for this fiscal on provident fund deposits (2020-21), from 8.5 percent it provided for 2019-2020, in view of more withdrawals and lower members’ contribution during this fiscal, due to the Covid-19 pandamic.
In March last year, EPFO reduced the interest rate on provident fund deposits from 8.65% in 2018-19 to a seven-year low of 8.5% for 2019-20.
For 2019-20, the EPF interest rate provided was the lowest since 2012-13, when it was 8.5%.
EPFO provided its customers with an interest rate of 8.65% in 2016-17 and an interest rate of 8.55% in 2017-18. The interest rate was slightly higher at 8.8% in 2015-16.
In both 2013-14 and 2014-15, the interest rate was 8.75% higher than 8.5% for 2012-13.