EPFO News Updates: The wait for members of the Employees’ Provident Fund Organisation (EPFO) is nearly over and this is how over 6 cr employees will be benefitted. The government will soon be transferring EPFO interest amount in the accounts of the employees at the rate of 8.5 per cent before January 1, 2021
EPFO News Updates: The wait for members of the Employees’ Provident Fund Organisation (EPFO) is nearly over and this is how over 6 cr employees will be benefitted. The government will soon be transferring EPFO interest amount in the accounts of the employees at the rate of 8.5 per cent before January 1, 2021.
Earlier in September, in a meeting of trustees chaired by the Minister of State (Independent Charge) for Ministry of Labour and Employment Santosh Gangwar and the EPFO announced putting EPFO interest rate in two instalments of 8.15 per cent and 0.35 per cent.
According to reports citing top sources, it is being said that the labour ministry has sent a proposal to the Ministry of Finance to provide a one-time interest amount of 8.5 per cent for the year 2019-20 rather than in 2 installments. The proposal was sent in December itself.
The reports stated that the officials have indicated that the decision on this is likely to come soon. The officials have expressed hope for the proposal to get an approval. The amount is likely to get transferred in the accounts of the EPFO members.
