Big bonanza for 6 crore PF subscribers, 8.5% interest rate to be credited in account by July end
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Around 6 crore government employees, who contribute to the Provident Fund will be benefitted as the Employees Provident Fund Organisation (EPFO) plans to credit 8.5 percent interest for FY21 in the respective account of employees.
As per sources, the Labour Ministry had given a go-ahead to the proposal in this regard and interest will be credited into beneficiaries account by July end itself.
Last year, the PF subscribers waited for around 8 to 10 months to get their interest rate.
Previously, the Employees Provident Fund Organisation had kept the interest rate unchanged at 8.5 percent. Besides, the EPFO had asked employees to withdraw more money amid the second wave of the COVID-19 pandemic.
“Since FY14, EPFO has consistently generated returns of over 8.5 percent. A high EPF interest rate along with compounding makes a significant difference to the gains of subscribers. This is despite the fact that EPFO has consistently followed a conservative approach towards investment, putting the highest emphasis on the safety and preservation of the principal first approach. The risk appetite of EPFO is very low since it involves investing poor man’s retirement savings also,” the Labour Ministry had said in a statement.
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