The Central Board of Trustees of retirement fund body Employees’ Provident Fund Organisation (EPFO) will keep the interest rate for the financial year 2020-21 unchanged at 8.5 per cent. In a meeting held in Srinagar on Thursday, the Board kept the rate at the same level as last year.
A CBT member said discussions on the investment portfolio of the retirement fund body took place and keeping the returns in consideration, the Board made the recommendation for 8.5 per cent interest rate.
The retirement fund body has seen a high number of withdrawals and lower contributions in the aftermath of the Covid-19 pandemic. Till December 31, the EPFO had settled 56.79 lakh claims worth Rs 14,310.21 crore provided under the advance facility after the Covid-19 pandemic.
About 197.91 lakh final settlement, death, insurance and advance claims worth Rs 73,288 crore were settled during April-December. Exempted establishments, which run their own PF trusts had also settled 4.19 lakh claims disbursing Rs 3,983 crore.