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EPF To Likely Fetch Lower Interest Rate Of 8.5% In FY20
In view of the low investment yield, the provident fund regulatory body is mulling a decline oof 15 basis points in EPF return to 8.5% from the earlier 8.65% for FY19.
As per sources the body shall not be able to hold on to current higher rates of employee provident fund given the sharp decline in return from government securities, bonds and long term fixed deposits. Nonetheless, the decline shall be implemented of a lower rate as the institution will remain cautious of not hurting employee sentiment too hard.
Further, the organization has its investment worth Rs. 4500 crore in two of the troubled firms namely IL&FS and DHFL and it shall be difficult to recover money from these companies as they are going through the resolution process.
Final rate decision shall be decided basis the organisation's earnings realized in the last fiscal year. And later the discussion shall be made by the CBT at a meet scheduled for March 5.
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