EPFO retains rate of interest for 2020-21 at 8.5%

The Central Board of Trustees of retirement fund physique Employees’ Provident Fund Organisation (EPFO) will maintain the rate of interest for the monetary yr 2020-21 unchanged at 8.5 per cent. In a gathering held in Srinagar on Thursday, the Board stored the speed on the identical degree as final yr.
A CBT member mentioned discussions on the funding portfolio of the retirement fund physique occurred and retaining the returns in consideration, the Board made the advice for 8.5 per cent rate of interest.
The retirement fund physique has seen a excessive variety of withdrawals and decrease contributions within the aftermath of the Covid-19 pandemic. Till December 31, the EPFO had settled 56.79 lakh claims price Rs 14,310.21 crore offered underneath the advance facility after the Covid-19 pandemic.
About 197.91 lakh closing settlement, loss of life, insurance coverage and advance claims price Rs 73,288 crore have been settled throughout April-December. Exempted institutions, which run their very own PF trusts had additionally settled 4.19 lakh claims disbursing Rs 3,983 crore.