Today can be a very special day for more than 60 million account holders of EPFO amidst the corona epidemic. According to the information received, subscribers are going to have a hefty amount of PF by the end of July. The Employees' Provident Fund Organisation (EPFO) may transfer 8.5 percent interest to the subscribers' account today for the EPFO financial year 2020-21. The government has given permission for this.

Sources said that the 8.5 percent interest amount is due to come into the accounts of EPFO subscribers by the end of July after the labor ministry's permission. The transfer process will be initiated soon after permission from the Ministry. Earlier, last time, in 2019-20 also, due to an error in KYC, many subscribers had to wait for 8 to 10 months to get interest. 6.44 crore people in the country are covered under the PF.

Let me tell you that EPFO had decided to keep interest rates unchanged at 8.5 percent for the financial year 2020-21, a 7-year lowest. Earlier, interest rates on EPF were 8.5 percent in FY13. In March last year, EPFO revised interest. Earlier, in FY19, EPF received 8.65 percent interest. EPFO had paid 8.55 percent interest in FY18, up from 8.8 percent in its first fiscal 2016. Earlier, it was 8.75 percent in FY14.

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