Big news of EPFO : Friends, finally a very good news has been received from EPFO, the thing which was waiting for the most in 2020, finally got it as a New Year gift in early 2021, yes friends Circular for PF interest rate credit for the financial year 2019-20 has been issued.
EPF INTEREST 2019-20 CIRCULAR: Big News Of EPFO
The Ministry of Labor and Employment has issued a circular informing all Regional PF Offices that 8.50% interest rate has been approved on PF accounts for the financial year 2019-20 and has instructed the Commissioners of all Regional PF offices that Interest should be credited to the PF accounts of all PF subscribers at an interest rate of 8.50%.
How Long Will You Get Interest On PF?
Now friends, because its circular has been issued, interest will now be gradually credited on the accounts of all PF account holders, because once confirmed through the official circular, the PF account of the PF members by the Regional PF office Interest is credited.
Big News Of EPFO: PF Balance Will Increase
For the financial year 2019-20, there was a long wait for the interest on PF. First it was said to pay 8.50% interest on PF accounts in March 2020, followed by the CBT meeting on 9 September 2020 to credit 8.50% interest in two installments, finally Labor at the end of December. The proposal was sent by the Ministry to the Finance Ministry, stating that we have made good money from the Exchange Traded Fund and we want to credit 8.50% interest in a single installment and the Finance Ministry approved the proposal on December 30 | After this, this circular has been confirmed by the Ministry of Labor and Employment on 4 January 2021.
Now because 2019-20 FY interest will be credited on all the PF accounts, which will increase the PF balance of the PF accounts and this is a great new year good news for all EPF members.