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EPFO may credit 8.5% interest for FY20 in two instalments

The Employees&rsquo; Provident Fund Organisation on Wednesday recommended crediting the 8.5% interest rate to formal sector workers for FY20 in two instalments. It would comprise of 8.15% from debt income, which will be credited now and the remaining 0.35% will be credited in December subject to redemption of the EPFO&rsquo;s equity investments.
The&nbsp;EPFO&nbsp;is staring at a shortfall of ₹2,500 crore in FY20 if it gives out the interest rate of 8.5% to its subscribers at one go. The interest rate of 8.5% was already a seven-year low. If the EPFO is unable to credit the remaining 0.35% of interest rate in December this year, it will be the lowest returns that the fund's subscribers will get since 1977-78.
The EPFO&rsquo;s investments in the equity markets are&nbsp;yielded negative returns in 2019-20.

The Employees&rsquo; Provident Fund Organisation on Wednesday recommended crediting the 8.5% interest rate to formal sector workers for FY20 in two instalments. It would comprise of 8.15% from debt income, which will be credited now and the remaining 0.35% will be credited in December subject to redemption of the EPFO&rsquo;s equity investments.
The&nbsp;EPFO&nbsp;is staring at a shortfall of ₹2,500 crore in FY20 if it gives out the interest rate of 8.5% to its subscribers at one go. The interest rate of 8.5% was already a seven-year low. If the EPFO is unable to credit the remaining 0.35% of interest rate in December this year, it will be the lowest returns that the fund's subscribers will get since 1977-78.
The EPFO&rsquo;s investments in the equity markets are&nbsp;yielded negative returns in 2019-20.

Delay in ratification of interest by FM could be raised in EPFO meet

The issue of delay in ratification of 8.5% rate of interest for employees provident fund for 2019-20 is likely to be raised in the EPFO&nbsp;meeting scheduled on September 9

The issue of delay in ratification of 8.5% rate of interest for employees provident fund for 2019-20 is likely to be raised in the EPFO&nbsp;meeting scheduled on September 9.
In March, the interest rate on employees provident fund was reduced by 0.15% to a seven-year low of 8.5%.&nbsp;
Later, the decision was communicated to the finance ministry for concurrence. The EPF interest rate can be credited into the accounts of over six crore subscribers only after the finance ministry's nod.&nbsp;

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