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Govt approves 8.5% interest rate on EPF for FY21
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The finance ministry has approved an 8.5% return on employees’ provident fund (EPF) deposits for 2020-21, a move that will impact over 6.4 crore subscribers. The rate was the same for 2019-20. The labour ministry will now notify the interest rate before the EPFO starts crediting the same into individual accounts. The entire exercise may take a maximum of 30 days to complete from the date the rate is notified, a senior EPFO official said.
EPFO’s highest-decision making body, the Central Board of
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