EPFO latest News: There is good news for all the employees depositing money in the Employees' Provident Fund (EPF). On Holi, Government may announce to increase the interest on PF which is 8.5% currently. According to media reports, the meeting of the Central Board of Trustees of EPFO is to be held in Guwahati on March 11 & 12.
Many big decisions are to be considered in this meeting while the main agenda of this meeting is to increase the minimum amount of pension and to decide the interest rates on PF.
Increase PF Interest:
There may be an increase in the existing interest rate of 8.5 percent on the amount deposited in EPF. At present, interest is being given on PF at the rate of 8.5%. This is the lowest interest available on PF. Earlier, the interest rate of PF was 8.65 percent in 2018-19, 8.65 percent in 2016-17 and 8.55 percent in 2017-18.
A meeting of the Central Board of Trustees (CBT) is to be held on March 11-12. At the same time, some members of CBT are in favor of increasing the interest rate on PF. CBT in 2020-21 was fixed at 8.5% interest. The highest interest of 8.80% was provided in 2015-16. EPF is contributed by both the employee and the company. The Finance Ministry will take a decision on the recommendations of the CBT.
Other Issues to be discussed in the meeting
According to media reports, the central trade unions have demanded an increase in the existing minimum pension from Rs 1,000 to Rs 6,000, while the Central Board of Trustees or CBT may increase it to Rs 3,000. The controversial issue of investing EPFO money in private corporate bonds will also be a topic of discussion in the meeting.
Also, a decision can also be taken on the issue of what should be the interest rate of the pension fund for 2021-22. CBT may decide to increase the minimum pension to Rs 3,000.
