In March this year, the Employees’ Provident Fund Organisation’s decision making body Central Board of Trustees headed by Labour Minister Santosh Gangwar had approved an 8.5 percent interest rate on EPF for the last financial year.
- Retirement fund body EPFO on Wednesday (9th Sep 2020) decided to provide an 8.5 percent rate of interest on employees’ provident fund(EPF) for 2019-20 as committed earlier.
“In view of exceptional circumstances arising out of COVID-19, the agenda regarding interest rate was reviewed by the Central Board and it recommended the same rate of 8.50 per cent to the Central Government.
“It (8.5 per cent interest) would comprise of 8.15 per cent from debt income and balance 0.35 per cent (capital gain) from the sale of ETFs (exchange-traded funds) subject to their redemption by 31st December, 2020,”
According to a source, the EPFO will provide 8.15 percent interest on EPF soon and the remaining 0.35 percent rate would be credited into the subscribers’ account by December 31, after the proposed liquidation of ETFs.
- “The Central Board accorded approval for amendment of paragraph 22(3) of Employees’ Deposit Linked Insurance Scheme (EDLI), 1976 to enhance the maximum assurance benefit to Rs 7 lakhs from the present maximum assurance benefit of Rs 6 lakhs,” the statement said.
- This amendment will provide additional succor to families and dependents of members of the scheme in case of their unfortunate death while in service.
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