PFO can announce the rate of interest on PF for the fiscal year 2020-21 today. Some media reports have stated that the rate of interest can range from 8.30 to 8.50 percent. If the EPFO declares 8.30 per cent rate of interest , it'll be rock bottom rate of interest of the last decade .
A meeting of the Central Board of Trustees of the EPFO goes on in Srinagar. The rate of interest are going to be discussed during this meeting and it'll be announced after approval. a gathering of the Financial Advisory Committee of the EPFO has been persisted Wednesday evening. As per Report say the EPFO can retain the 8.50 per cent rate of interest for the previous year (2019-20). 8.50 per cent rate of interest are going to be a matter of relief for the contributors because it is predicted to be lacking.
EPFO earns enough, it's not difficult to pay 8.5% interest
According to the report EPFO shouldn't have any problem in paying interest between 8.30 to 8.50 per cent from the earning it's . there have been many apprehensions about the rate of interest of 2019-20. there have been also questions on equity sales and and interest credit.
It was feared that EPFO wouldn't be ready to pay 8.50 per cent interest. However, despite the declaration of 8.50 per cent interest, the cash wasn't credited in time to the account of 40 lakh subscribers of EPFO thanks to non-matching of KYC.So that it's expected that the EPFO can pay 8.50 per cent interest this point like last year.