Good news for EPFO subscribers: Modi govt s New Year bonanza, check details
According to Live Mint, a notification in this regard was issued on January 4.
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Updated: Jan 8, 2021, 07:34 PM IST
In what can only be categorised as a New Year bonanza to benefit crores of EPF subscribers, media reports have emerged which says that it has allowed Employees Provident Fund Organisation (EPFO) and Exempted Provident Fund Trusts to invest in public sector debt ETFs (Exchange Traded Funds) like Bharat Bond ETF.
According to Live Mint, a notification in this regard was issued on January 4.
It is to be noted that Labour and Employment Minister Santosh Gangwar on December 31 announced that PF subscribers will start receiving 8.5 percent interest on their PF amount from the said day onwards.
Updated Jan 01, 2021 | 14:34 IST
In September 2020, EPFO had decided to split the 8.5% interest into two installments of 8.15% and 0.35% at its trustees meet, headed by labour minister Santosh Gangwar. EPFO begins crediting 8.5% interest for 2019-20. Here s how you can check EPF balance
New Delhi: Instead of two tranches as proposed earlier, Employees Provident Fund Organisation (EPFO) has started crediting 8.5% interest on the accumulated corpus of around six crore subscribers at one go from Thursday itself. The interest rate of 8.5% on PF deposits is the lowest in seven years. This is 15-basis points lower than the 8.65% interest announced for 2018-19.
“We had said that it would be our endeavour to provide 8.5% rate of interest on EPF for 2019-20. We have issued a notification to provide the same. We have also begun the process to credit the said rate of interest into subscribers account,” said labour minister Santosh Gangwar in a video message
Highlights
8.5 percent rate of interest for 2019-20.
Interest amount credited.
New Delhi: The Narendra Modi government has given a big bonanza to around six crore EPF subscribers who have been eagerly waiting for the crediting of interest for 2019-20 in their employees provident fund (EPF) accounts.
The EPFO has already started crediting the amount into the PF account of subscribers.
Labour and Employment minister Santosh Gangwar, announcing the decision on Thursday (December 31) had said that PF subscribers will start receivig 8.5 percent interest on their PF amount from December 31 onwards.
“I am happy to inform you that a notification has been issued & for year 2019-2020, our over 6 crore subscribers will receive 8.5 percent interest on PF amount. We have made such arrangements that you ll start receiving these benefits from today,” Union Minister Santosh Gangwar said yesterday.
Highlights
8.5 percent rate of interest for 2019-20.
Interest amount credited.
New Delhi: Around six crore EPF subscribers who have been eagerly waiting for the final nod from the finance ministry on crediting of 8.5 percent rate of interest for 2019-20 in their employees provident fund (EPF) accounts, have got a big new year gift.
Zee Media has learnt from sources that the EPFO has credited 8.5 percent rate of interest for 2019-20 in employees provident fund (EPF) accounts today.
However, we would still be waiting for the official confirmation on the above.
Meanwhile the retirement fund body EPFO had previously tweeted that subscribers can check their PF Balance from the comfort of home using four different ways check PF balance using SMS, online, missed call and UMANG App.
EPFO to credit full 8.5% interest for FY20: How to check balance
The finance ministry likely has given nod to the EPFO for interest rate recommendation of 8.5 percent for FY20 and according to the report in Indian express, it is expected to credit it to subscribers in the next few days.
Source: Reuters
The retirement fund body Employees Provident Fund Organisation (EPFO) has decided to credit 8.5 percent interest for 2019-2020 in the EPF accounts of around 6 crore subscribers.
The finance ministry has given nod to the EPFO for interest rate recommendation of 8.5 percent for FY20, and it is expected to credit it to subscribers in the next few days.