Priority beyond returns

The EPFO should increase transparency

The Central Board of the Employees’ Provident Fund Organisation (EPFO) last week recommended maintaining the interest rate at 8.5 per cent for this fiscal year. The payment would be made after the recommendation is accepted by the finance ministry. Clearly, the return on EPF contribution is significantly higher than any fixed-income option for its 50 million subscribers. The State Bank of India, for instance, is offering less than 5 per cent for fixed deposits of one-two years. The yield on 10-year government bonds is at about 6.2 per cent, and was even lower in 2020. Besides, the EPF interest income