The new year will start in the world from tomorrow. 2020 is about to go and 2021 is coming. While congratulating the Happy New Year (2121) and congratulating Modi Government (Modi Government) has approved a proposal to give 8 and a half percent interest to employees working in private.
8.5% interest on PF
Let us tell you that just before the start of new year 2021, the government has announced big gifts for employees. In fact, the government has approved a proposal to provide full interest of 8.5 percent on Employees Provident Fund (EPF) for the financial year 2019-20. According to the information, this amount will be put into the account of the employees till 31 December 2020, New Year.
Labor Ministry ordered to pay interest to EPFO
It is worth mentioning that the officials giving more information about this said that recently there was a meeting of the Ministry of Labor and Finance to discuss the proposal related to interest rate. In which the Finance Ministry had asked for the details, expressing some concern over the risky investment. However, about 1 week after the meeting, orders have been received from the Finance Ministry to pay the collected interest to the EPFO.
It is worth noting that in March, the Central Board of Trustees of EPFO decided to pay 8.5 percent interest on the EPF for the financial year 2019-20. But in September, he proposed to pay this interest in 2 instalments in view of the situation caused by covid-19.