Even as heavy withdrawals have hit the provident fund corpus the EPFO board at its meet in Srinagar today decided to keep rates steady at 8.5% for FY'21 as per reports. The EPFO rate will have to be approved by the finance ministry to be notified.
The EPF rate has seen a sharp drop over the years is now at a 7-year low at 8.5%
6 lakh subscribers will at least be grateful that the govt has not reduced the rate further as was the expectations before the meet.