The Central Board of the EPFO today recommended 8.5 per
cent annual rate of interest for the financial year 2020-21. The
decision was taken in the 228th meeting of Central Board of Trustees,
EPF which was held today in Srinagar, Jammu & Kashmir under the
chairmanship of Labour Minister Santosh Kumar Gangwar.
The Minister informed that the interest rate would be officially
notified in the government gazette following which EPFO would credit the
rate of interest into the subscribers’ accounts. Since the year 2014
EPFO has consistently generated returns not less than 8.5 per cent. EPFO
over the years has been able to distribute higher income to its
members, through various economic cycles with minimal credit risk.
Considering the high credit profile of the EPFO investment, the interest
rate of EPFO is considerably higher than other
comparable investment avenues available for subscribers.
For the current fiscal, the EPFO has decided to liquidate investment
and the interest rate recommended is a result of combined income from
interest received from debt investment as well as income realized from
equity investment.
The Labour Ministry has informed that
this has enabled EPFO to provide higher returns to its subscribers and
still allowing EPFO with a healthy surplus to act as cushion for
providing higher returns in the future also.
EPFO has extended its provident fund,
pension and insurance benefits to all employees of existing
establishments covered under the erstwhile JK PF Act as well as the
employees of newly covered establishments. EPFO has set up Regional
Offices at Srinagar, Jammu and facilitation center at Leh.
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(With input from news agency language)
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