In its Central Board of Trustees meet held today, the decision has been taken to credit 8.15 percent interest to subscribers' account for the FY 2019-20. And the remaining 0.35% shall be credited in December this year.
The move will benefit as many as 60 million EPF subscribers. And for meeting the remaining 0.35% deficit, the EPFO was to decide on stake sale in ETF investment which was to happen in March this year but did not went through because of choppiness in the markets then.
The apex body will meet again to take a call on the pay-out of the remaining interest rate for the last fiscal year.The board led by Labour Minister Santosh Gangwar had decided to provide 8.5 per cent interest rate for 2019-20 in its meeting held in March this year.
Also, with PF Advance facility now getting through in just 3 days, the provident fund is no less than a liquid asset.