What is Interest rate on EPF balance in 2020-2021
Hemlata Khandelwal / 2021-03-09 10:06:27
8.50% interest on EPF balance will also be available in 2020-21
In the meeting of CBT (Central Board of Trustees) held on 4 March 2021, it has been recommended to pay 8.50% interest on EPF for the financial year 2020-21. The Ministry of Labour and Employment has also confirmed this news by releasing its press, which we also posted on March 4. Many decisions has been taken in the CBT meeting you can know about them in this post.
8.50% interest on EPF balance in 2020-21
Considering the economic situation of the country due to the Corona epidemic, it was almost expected that the 8.50 percent interest rate given for FY 2019-20 would be reduced for FY 2020-21, but vice versa The interest rate of 8.50% has been maintained and in such a situation, the interest rate of 8.50% is not less than any gift for PF Registration holders, now waiting for this interest rate to be approved by the Ministry of Finance, after which all the PF account holders Interest will be credited in PF accounts. Hopefully, like the financial year 2019-20, this time too, do not have to wait long to get the interest amount.
EPS-95 pensioner once again frustrated
EPS-95 Pensioners have been demanding for minimum pension increase and medical facility for a long time and no major decision was expected in the CBT meeting held on March 4 on minimum pension increase, but in this meeting also minimum No decision has been taken regarding pension increase, due to which eps-95 pensioners are once again in despair.
Other decisions are taken in the CBT meeting
The following important decisions were taken by the Central Board of Trustees of the Employees Provident Fund: -
The Central Board has recommended an 8.50 percent annual rate of interest to be provided on EPF accrual in the members' accounts for the financial year 2020-21. The interest rate will be officially notified in the official gazette, after which the rate of interest will be credited to the accounts of EPFO customers.
The board approved the creation of 98 posts in various cadres required for the smooth functioning of the regional offices of Jammu and Kashmir and the path for the smooth merger of all employees and officers of Jammu and Kashmir EPFO into the Central Board of Trustees of the Employees Provident Fund Paved.
The Board also approved the revised estimates for the year 2020-21 and the budget estimates for the year 2021-22 for the EPFO and the schemes run by it.
In this CBT meeting, employers' representatives, employees, and other senior officials of the central government and EPFO were also present.