While it made the initial recommendation for 8.5% interest rate in March, the EPFO, which comes under the Labour Ministry, had not sought the Finance Ministry’s approval so far.
The Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) has recommended splitting payment of the interest rate of 8.5% recommended for financial year 2019-20 into two parts, citing “exceptional circumstances arising out of Covid-19”. The EPFO will credit 8.15% to its over six crore subscribers for the year immediately and give the remaining 0.35%, which is linked to its equity investments, “before December 31”….
