New Delhi: The Employees’ Provident Fund Organisation (EPFO) has begun crediting an 8.5 per cent rate of interest on employees’ provident fund for 2019-20 – news that will bring relief to over six crore people.
A direction to credit 8.5 per cent interest on employees’ provident fund for 2019-20 has already been sent to the EPFO, The Indian Express reported.
“We had said that it would be our endeavour to provide 8.5 per cent rate of interest on EPF for 2019-20. We have issued a notification to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also begun the process to credit the said rate of interest into subscribers account,” PTI quoted Union Labour Minister Santosh Gangwar as saying.
The minister informed that those who are retiring on December 31 will get an 8.5 per cent rate of interest (for 2019-20).
“It (8.5 per cent interest) would comprise 8.15 per cent from debt income and balance 0.35 per cent (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020,” he said.