New Delhi: There was good news for the working class as Employees’ Provident Fund Organisation (EPFO) announced on Thursday that there will be no cut in interest rate on provident fund (PF) deposits for 2020-21 and will remain at 8.5%.
“The decision is based on the current position of earnings and deposits of the organisation,” EPFO board member Virjesh Upadhyay was quoted as saying by Hindustan Times following a meeting of EPFO central board of trustees.
The decision was welcomed by nearly 50 million EPFO subscribers, for whom provident fund is the principal saving corpus post retirement.
