EPFO: There is good news for those depositing money in Employees’ Provident Fund (EPFO).
EPFO: There is good news for those depositing money in Employees’ Provident Fund (EPFO). On Holi, employees can get more interest on PF than before. According to media reports, the meeting of the Central Board of Trustees of EPFO is to be held in Guwahati on March 11 and 12 next month. Many big decisions are to be considered in this meeting. The main agenda of this meeting is to increase the minimum amount of pension and take a decision on the interest rates on PF.
You can get increased interest on Holi
You can get the gift of increased interest on the occasion of Holi. A meeting of the Central Board of Trustees is going to be held in Guwahati in which important issues are to be decided. There may be an increase in the existing interest rate of 8.5 percent on the amount deposited in EPF. At present, interest is being given on PF at the rate of 8.5%. This is the lowest interest available on PF. Earlier, PF interest rate was 8.65 percent in 2018-19, 8.65 percent in 2016-17 and 8.55 percent in 2017-18.
CBT members in favor of raising interest rates
A meeting of the Central Board of Trustees (CBT) is to be held on March 11-12. At the same time, some members of CBT are in favor of increasing the interest rate on PF. CBT in 2020-21 was fixed at 8.5% interest. The highest interest of 8.80% was received in 2015-16. EPF is contributed by both the employee and the company. The Finance Ministry will take a decision on the recommendations of the CBT.
These issues will also be discussed
According to media reports, the central trade unions have demanded an increase in the existing minimum pension from Rs 1,000 to Rs 6,000, while the Central Board of Trustees or CBT may increase it to Rs 3,000. The controversial issue of investing EPFO money in private corporate bonds will also be a topic of discussion in the meeting.
Also, a decision can also be taken on the issue of what should be the interest rate of the pension fund for 2021-22. CBT may decide to increase the minimum pension to Rs 3,000. The trade union is demanding to increase it.
