60 million EPF subscribers to get 8.5% interest rate in FY21

Development has come as a pleasant surprise since there were talks of cut in the rate

As many as 60 million subscribers of Employees’ Provident Fund (EPF) have got a major relief with the retirement fund body retaining the annual interest rate at 8.5 per cent for 2020-21, buoyed by healthy returns on its equity investments.
 
Even though the current interest rate is the lowest since 2012-13, the decision, taken by the Central Board of Trustees of the Employees’ Provident Fund Organisation at a meeting in Srinagar on Thursday, came as a pleasant surprise because there was talk of a cut in the rate.
 
“This is despite the fact that the EPFO has consistently