EPFO more likely to declare charge of curiosity on EPF deposits for 2020-21 on March 4

Retirement fund physique EPFO is more likely to announce the speed of curiosity on provident fund deposits for monetary yr 2020-21, on March 4, when its Central Board of Trustees will meet at Srinagar.
The Employees’ Provident Fund Organisation (EPFO) is more likely to take up the proposal to announce charge of curiosity for 2020-21 at its Central Board of Trustees (CBT) assembly scheduled on March 4, supply stated.
Talking to PTI, Okay E Raghunathan, an EPFO trustee stated that on Monday he obtained the intimation that the subsequent CBT assembly is scheduled to be held on March 4, at Srinagar and that the agenda papers are more likely to be despatched quickly.

He stated that there isn’t a point out about dialogue on rate of interest for 2020-21 within the intimation mail.
Speculation is rife that the EPFO could decrease curiosity on provident fund deposits for this fiscal (2020-21), from 8.5 per cent it supplied for 2019-20, in view of extra withdrawals and lesser contribution by members throughout this fiscal primarily as a result of COVID-19 pandemic.
Last yr, in March, EPFO had lowered rate of interest on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.
The EPF (staff provident fund) rate of interest supplied for 2019-20 was the bottom since 2012-13, when it was 8.5 per cent.
The EPFO had supplied 8.65 per cent rate of interest to its subscribers for 2016-17, and eight.55 per cent in 2017-18. The charge of curiosity was barely larger at 8.8 per cent in 2015-16.

It had given 8.75 per cent charge of curiosity in 2013-14 in addition to 2014-15, larger than 8.5 per cent for 2012-13.