The Employees’ Provident Fund Organisation’s (EPFO) interest rate for 2020-21 is most likely to be announced after a meeting of the trustees of the retirement fund in Srinagar in the first week of March. The Central Board of Trustees (CBT) meeting is scheduled to take place on March 4, according to news agency PTI.
KE Raghunathan, an EPFO trustee, told PTI on Monday he received a mail which stated that the next CBT meeting is scheduled to be held on March 4 in Srinagar and that the relevant agenda papers are likely to be sent soon. He added that there was no mention of any discussion on interest rates.
The 2020-21 payouts are being closely monitored by both active and inactive subscribers of EPFO. People are hoping that the fund is able to offer an interest rate of 8.5% for this financial year as it did during the last one.
“We are at the fag end of the 2020-21 financial year. The CBT will have to take a call on the interest payout for the current year now. However, before the CBT meets, the finance advisory committee will have to make the final calculations and suggest possible interest rates for the board to decide on," a member of the CBT told Mint.
The upcoming CBT meeting in Srinagar comes one and a half years after the fund began covering establishments in Jammu and Kashmir, after the revocation of Article 370 of the Constitution. While in the rest of the country, EPFO covers companies with 20 and more employees but for J&K the number has been pegged at 10.
{{/usCountry}}The upcoming CBT meeting in Srinagar comes one and a half years after the fund began covering establishments in Jammu and Kashmir, after the revocation of Article 370 of the Constitution. While in the rest of the country, EPFO covers companies with 20 and more employees but for J&K the number has been pegged at 10.
{{/usCountry}}(With agency inputs)