As per a leading dailies report, EPF subscribers have a news to cheer as the provident fund regulatory body EPFO will credit interest rate for the FY 2020-21 by July end. The interest rate on EPF has been fixed at 8.5 percent for the last FY.For the same, the labour ministry had earlier given its go ahead.
In a meeting of the Central Board of Trustees (CBT) held in Srinagar in March, headed by Labour and Employment Minister Santosh Kumar Gangwar, the EPF rate of 8.5 percent had been retained.
Further in view of the catastrophe caused by the pandemic, the EPFO is extending its full support and has now allowed EPF subscribers to withdraw or avail second Covid 19 advance. The provisions laid down for the purpose including withdrawal methodology is the same as for the first advance allowed by the EPFO.
Also, for getting the employer contribution to be credited into your EPF account, employees need to mandatorily link their EPF account to Aadhaar.