Retirement fund management firm EPFO is expected to announce the interest rate on future fund deposits for the financial year 2020-21. The trustees of the Central Board of Employees’ Provident Fund Organization (EPFO) will meet tomorrow in Srinagar. The proposal to publish the interest rate for 2020-21 is likely to be decided at this meeting.
“The next meeting of the central trustees will be held tomorrow in Srinagar on March 4,” EPFO’s trustee Key Raghunathan told PTI. There are rumors that the EPFO could reduce interest rates on future fund deposits this fiscal year (2020-21), up from 8.5 percent in 2019-20.
Interest is not deposited in the account of 40 lakhs of PF shareholders
Interest on the 40 lakh Provident Fund (PF) shareholders account of the Employees Provident Fund (EPFO) has not been deposited. At the same time, about one-and-a-half months ago, the government announced interest payments on PF accounts for fiscal year 2019-20. This is due to the mismatched KYC (Know Your Customers) EPFO provided by the employer. Two government officials have provided this information about their identity.
EPFO: Is your stuck PF interested? Know the balance via SMS
However, the issue of interest payment delay has come to light. An official with the EPFO said 8 to 10 per cent of PF shareholder interest had not been credited to his account. This mismatch is due to KYC. However, the officer may be surprised how this delay is made when every transaction is made online. In addition, we are trying to prevent shareholders from facing this issue during the past move by the PF, ”an official said. In addition, we are working to ensure that there is no problem with accumulating interest deposits in the shareholder account as it is about to end 2020-21.
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