Provident Fund Deposits For FY2020-21 | Finance Ministry Approves | UPSC IAS

In a decision ahead of Diwali, the Finance Ministry has approved 8.5 per cent rate of interest on provident funds for 2020-21, enabling the Employees’ Provident Fund Organisation (EPFO) to credit interest in the accounts of beneficiaries. With the ministry’s approval on Friday, the labour ministry plans to notify the rate at the earliest, a senior government official said told The Indian Express. The EPFO has an active subscriber base of more than 6.7 crore and 6.9 lakh contributing establishments.

The interest rate is understood to have been decided on an income of Rs 70,300 crore from sale of debt and equity investments, leaving a surplus of around Rs 300 crore with the EPFO. The Central Board of Trustees (CBT) of the retirement fund body had in March recommended that the interest rate for the financial year 2020-21 be retained at 8.5 per cent. The recommendation was made keeping the returns on equity investments.

#providentfund #financeministry #interestrate #fy2021

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