EPFO Interest: Amidst the second wave of the Corona epidemic, 6 crore account holders of EPFO (Employees’ Provident Fund) are going to get good news by the end of July next month. It has been reported by quoting sources that a huge amount is going to come in the PF account of the subscribers in July because the Employees’ Provident Fund Organization ie EPFO can transfer 8.5% interest to the subscribers’ account for the financial year 2020-21, the government has announced it. given the green signal.
8.5% interest will come by the end of July
Quoting sources, it has been learned that after the approval of the Ministry of Labor, this 8.5% interest amount will come into the accounts of EPFO subscribers by the end of July. The process of transfer will be started soon after approval from the ministry. Prior to this, in the last financial year 2019-20 also, due to disturbances in KYC, many subscribers had to wait for a long time of 8 to 10 months to get interest. 6.44 crore people in the country come under the purview of PF.
PF interest rate at a low of 7 years
Let us tell you that the EPFO had decided to retain the interest rates for the financial year 2020-21 at 8.5% without any change, which is the lowest interest rate of the last 7 years. Prior to this, in the financial year 2013, the interest rates on EPF were 8.5%. In March last year, the EPFO had revised the interest. Earlier, in the financial year 2019, 8.65 percent interest was available on EPF. EPFO had given 8.55 percent interest in FY2018, which was 8.8% in its previous financial year 2016. Prior to this, in the financial year 2014, it was 8.75 percent.
PF advance withdrawal facility available for the second time
Apart from this, in view of the second wave of Corona, EPFO has once again given relief to crores of its account holders. EPFO has given the facility to withdraw the advance amount from PF for the second time. Earlier in March last year, EPFO had given this relief to its subscribers that they can withdraw their PF money in advance. This withdrawn amount is also non-refundable, that is, it does not need to be returned. The amount withdrawn will be deducted from their PF balance.