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EPFO Retains Interest At 8.5% On EPF For FY 2019-20
The centre has decided to retain 8.5% EPF interest rate for the financial year 2020. The move is expected to benefit around 6 crore EPF members. As per a CNBC TV 18 report, the gains from ETF redemption came in at a good Rs. 3000 crore which helped the pension fund regulator to meet the EPF rate of 8.5%.
There were reports doing the rounds that the finance ministry may approve EPFO's recommendations on EPF interest rate at 8.5% for FY20. And the prospects of the institution crediting interest rate all at once are higher. Earlier the rate recommendation by the labour ministry were approved in March and the amount was to be credited in September, but then came up the proposal to credit the interest rate in EPF subscribers' account in two tranches i.e. 8.15% and 0.35%
For the FY 19, the rate was at 8.65%. As per an estimate of its Finance Investment and Audit Committee after the distribution of the interest pay-out, the EPFO will have a surplus of Rs. 700 crore.
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