There is great news in store for subscribers of retirement fund — Employees’ Provident Fund (EPF) – who are likely to get the entire 8.5 per cent declared interest rate for FY2019-20 at one go as Employees’ Provident Fund Organisation (EPFO) has been able to sell its equity holdings and earn higher-than-expected returns in the month of December due to the market rally.
EPFO has now double the surplus projected three months back, according to an unnamed senior EPFO official in a Business Standard newspaper report.
According to the report, the Union Labour and Employment ministry have written to the finance ministry, seeking 8.5 per cent interest to be credited into around 190 million EPF accounts for 2019-20.
Source: DNA
