EPFO LATEST NEWS: The Employees Provident Fund Organization (EPFO) has decided to pay 8.5% (interest rate) on PF to its PF subscribers. In the Central Board of Trustees (CBT) meeting on 09 September today, giving relief to PF account holders, the rate of interest on PF has been kept constant. But now this interest will be met in two parts. In the first phase EPFO will pay interest to its subscribers at the rate of 8.15%, the remaining 0.35% interest will be paid at the end of the year i.e. December.
In view of the stagnant Corona plague and the fall in the stock market, it was expected that PF account holders would also get a predetermined 8.5% interest rate as interest payment to PF account holders was not yet done. But the EPFO has given relief to the PF account holders saying that now only predefined 8.5% interest rate will be given to PF account holders in this financial year.
CBT will sell its ETF for interest on PF
The Employees Provident Fund Organization (EPFO) had fixed 8.50% interest for the year 2019-20, but it has not yet been credited to the account of PF account holders. As EPFO had funds for 8.15% return on PF, but the remaining 0.35% PF was being reported to be a fund shortfall for interest, for which now selling its Exchange Traded Fund (ETF) to Central Board of Trustees (CBT) Will be, whose decision has been taken in today’s meeting.Let me tell you that earlier CBT wanted to sell ETF Holdings in March itself, but then the plan was canceled due to the huge fall in the market.
Source: employeekhabar.com
