NEW EMPLOYEE PROVIDED FUND CHANGES IN PANDEMIC

 

EPFO may credit first instalment of 8.5% interest by Diwali


  • The EPFO central board in September said it will pay 8.5% interest to its subscribers for the year ended 31 March
  • The retirement fund body’s earnings were badly hit in March due to coronavirus pandemic

  • The retirement fund body’s earnings were badly hit in March due to coronavirus pandemic. "In view of exceptional circumstances arising out of covid19, the agenda regarding interest rate was reviewed by the central board and it recommended the same rate of 8.5% to the central government," the labour ministry earlier said The EFO central board in September said it will pay 8.5% interest to its subscribers for the year ended 31 March. The interest rate be divided into 8.15% and 0.35%. While the government-managed fund may transfer 8.15% interest by Diwali, the rest of the 0.35% is likely to be credited by December, according to reports.

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