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Home / News / Business News / EPFO retains 8.5% interest rate on PF deposits
Business

EPFO retains 8.5% interest rate on PF deposits

EPFO retains 8.5% interest rate on PF deposits
Written by Siddhant Pandey
Mar 04, 2021, 04:50 pm 2 min read
EPFO retains 8.5% interest rate on PF deposits

The Employees' Provident Fund Organisation will maintain the interest rates on provident fund deposits at 8.5% for the financial year 2020-21, the same as the previous fiscal. The decision was taken at a meeting of the Central Board of Trustees (CBT), the main decision-making body of EPFO, held in Srinagar, Jammu and Kashmir, on Thursday. The meeting was chaired by Labor Minister Santosh Gangwar.

Details
EPFO retained 8.5% interest rate keeping returns in consideration

At the meeting, discussions were held on the investment portfolio of the retirement fund body, a member of the CBT told The Indian Express. The member said the Board made the recommendation for retaining an 8.5% interest rate keeping the returns in consideration. Earlier, there was speculation that the EPFO may lower the interest rate due to frequent withdrawals and lesser contributions by members.

Context
EPFO had disbursed Rs. 14,310 crore till December 31

Amid the coronavirus pandemic, the EPFO saw increased withdrawals and lower contributions. It settled 56.79 lakh non-refundable advance claims and disbursed Rs. 14,310 crore till December 31, 2020. Recently, it was reported that EPFO subscribers may face curbs on withdrawals. The body has proposed to allow subscribers to withdraw benefits from pension schemes only after two continuous years of exit from employment.

Previous years
Interest rate was lowered to 8.5% last year

Last year, in March, the EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20 from 8.65% in 2018-19. Before last year, the interest rate was lowest in 2012-13 fiscal, when it was 8.5%. For 2016-17, the retirement fund body had provided an 8.65% interest rate to its subscribers, and an 8.55% interest rate in 2017-18.

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Siddhant Pandey
Siddhant Pandey
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Siddhant Pandey covers national and health news at NewsBytes. He has over five years of experience working as a multimedia journalist covering hard news in New Delhi. He was previously employed with The Indian Express and News World India and has juggled roles as a correspondent, copy editor, and video producer. He holds a Bachelor’s degree in Biotechnology from the Jaypee Institute of Information Technology, Noida.
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