new Delhi. The Employee Provident Fund Organization (EPFO) interest rate on the Provident Fund (PF) to 8.50. Earlier, the interest rate on PF was 8.65. Along with this, the Labor Ministry will soon put a proposal before the PMO to increase the pension amount.
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The decision to reduce the interest rate on PF was taken at a meeting of the Board of Trustees. In March 2019, the EPFO announced an 8.65 percent interest rate. Recently it was claimed that the interest rate for the current financial year 2019-20 can be 8.50 percent. Due to the decrease in interest rate, more than 6 crore people will be harmed. In March last year, the EPFO announced an 8.65 percent interest rate for the 2018-2019 fiscal year.
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The Central Government has also approved the proposal of the EPFO to partially withdraw the scheme under the Employees Pension (Amendment) Scheme, 2020. The government has now notified this. The EPFO Board approved the change in this rule in August 2019. This facility will benefit 6.3 lakh EPS pensioners.