EPFO Likely To Credit Interest On EPF for 2019-20 By December End
(Milcah Anila, Intern Journalist) New Delhi: The Employees Provident Fund Organization (EPFO) is set to deposit 8.5 percent interest on provident fund balances of six crore members for the 2019-20 financial year by the end of December. At the EPFO trustees’ meeting chaired by Labor Minister Santosh Gangwar in September this year, it was decided to split 8.5 percent into two parts, first 8.15 percent and then 0.35 percent by the end of December.
None of this has been implemented so far. Credible sources said the Labor Ministry had sent a proposal seeking the Finance Ministry’s approval to deposit 8.5 percent interest within this month. Sources said the approval from the finance ministry is expected in a few days and the interest payment will be completed by the end of this month.
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