The Employees Provident Fund Organization (EPFO) has given a big relief to more than 6 crore jobs. EPFO has announced interest rates on PF. The Central Board of Trustees (CBT) of EPFO has maintained the interest rate on the Provident Fund for the financial year 2020-21. PF will be paid interest at the rate of 8.5 per cent. The decision on EPF interest rate was taken at a meeting of the Central Board of Trustees in Srinagar today. No meeting has been held in Srinagar since the first meeting of the CBT was held on 5 February 1953. CBT meetings are mostly held in Delhi, Shimla, Patna, Chennai and Mumbai.
The CBT, headed by the Labor Minister, has about 40 members.
The government had decided to pay 8.5 per cent interest for the financial year 2019-20, the lowest in seven years. At the same time, the rate was 8.65 per cent in the financial year 2018-19. The board had earlier said it would pay 8.5 per cent interest in two installments for the financial year ended March 1. 8.15 per cent will be paid by debt investment and 5.55 per cent interest will be paid from equity.
What happened at the meeting
Sources said many topics have been discussed at the board meeting. The committee presented a review report for the interest rate based on the EPFO's investment in various sources, the returns received on it and the impact of Kovid.
With that in mind, there has been no change in interest rates. However, the final decision is yet to be taken by the finance ministry. The EPFO board will now send its recommendations to the finance minister. They will be notified only after that.
What will happen now
According to AK Shukla, former assistant commissioner of the Employees' Provident Fund Organization, 65 million people will benefit from the decision. However now these recommendations will be sent to the Ministry of Finance.
Notification will be issued if the Ministry accepts them. If not, these recommendations will be sent back to the CBT Board. After this, the board will reconsider it and send it to the finance ministry.
When will the interest come in the account
After the approval of the Ministry of Finance, its notification will be issued. After this, interest will be transferred to the account of all jobs.
How much EPF is deducted
The amount deducted from the employer's salary goes into two accounts. The first provident fund i.e. EPF and the second pension fund i.e. EPS. Of this, 12 per cent of the total amount is deposited on behalf of the EPF employee.
At the same time, 3.67 per cent is deposited in EPF on behalf of the company. The remaining 3.33 per cent is credited to the Employees Pension Scheme (EPS). However, there is a maximum limit of Rs 1,250 per month.
Lowest interest rate in 7 years
EPFO has reduced the interest rate on provident fund deposits to 8.5 per cent in March 2020 for the financial year 2019-20. This is the lowest interest in the last seven years.
Earlier, the interest rate was 8.5 per cent in 2012-13. In the financial year 2018-19, subscribers have received 8.65 per cent interest on PF deposits.
EPFO paid interest to customers on PF deposits of 8.65 per cent in 2016-17, 8.55 per cent for 2017-18 and 8.80 per cent in 2015-16.
At the same time, 8.75 per cent interest was paid on PF deposits in 2013-14, up from 8.5 per cent for FY12-13.
What are the interest rates on PF so far?
2020-21 - 8.5 percent
2019-20 - 8.5 percent
2018-19 - 8.65 percent
2017-18 - 8.55 per cent
2016-17 - 8.65 per cent
2015-16 - 8.8 percent
2013-14 - 8.75 per cent
The number of new members increased
વાંચો સંપૂર્ણ સમાચાર ગુજરાતીમા
According to figures released by the EPFO, the number of new registrations rose by 24 per cent to 12.54 lakh in December. This is an increase of 44% over November 2020. These data reveal employment status in the formal sector amid the COVID-19 epidemic. According to the EPFO's salary figures, the number of account holders increased by 12.54 lakh in December 2020, which is a positive sign, the labor ministry said in a statement.
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