EPFO NEW YEAR GIFT: Friends, PF account holders will get new year gift, Efforts are being made by EPFO for this, if it really happens then the balance of PF account holders of PF account holders will increase.
Actually PF account holders have to wait a long time for the interest of 2019-20 FY, although in the CBT meeting held on 9 September, it was decided that the interest for FY 2019-20 at the interest rate of 8.50% Credit will be given, but this year interest will be credited in two installments.
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The first installment will be credited 8.15% in the month of November and 0.35% in the second installment by the end of December. But even after the month of December, 1 rupee of interest has not been credited and the same question in the mind of all PF account holders is, when will we get interest on PF?
EPFO NEW YEAR GIFT: PF Account Holders Will Get New Year Gift
According to the news, interest on PF accounts can be credited by the end of December, because the Labor Ministry has sent a proposal to the Finance Ministry in which the Labor Ministry has said that we have got a good return from the exchange traded fund and we decide Interest rate of 8.50% has been desired to be deposited in a single installment and it is expected that the proposal will be approved soon from the Finance Ministry.
If this happens, it will actually prove to be a New Year gift for PF subscribers and 8.50% interest rate will be credited to all PF accounts in one installment, which will increase the PF balance of all PF accounts.
Also Read: EPF Online Transfer Process: Know EPF Online Transfer Complete Process Of Transferring PF
Why Such Delay In Getting PF Interest Credit?
In fact, due to Corona epidemic, the country’s economy was staggered and what is the return from the market to EPFO? Awaiting this. For this reason, it is taking so much time to credit interest on PF account this year. Let us tell you that EPFO (Employees provident fund organization) earns a lot by investing money at different places and gives it to its subscribers as interest. How much interest will be paid on PF? Its decision is taken in the meeting of the CBT (central board of trust) after which the proposal is sent to the finance ministry for approval of the interest rate, after getting approval from the finance ministry, gradually interest in the account of all PF account holders Is credited.
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