EPFO likely to pay interest early to boost festive spirit
- ByAyushi Ray | September 6, 2021
EPFO likely to pay interest early to boost festive spirit. This will coincide with government employees and pensioners getting their dearness allowance and dearness relief hike, at least two government officials said, asking not to be named. The move could cheer the salaried class, which has faced months of job loss and income loss due to Covid.The EPFO’s central board has approved the interest rate. The retirement fund manager has sought the finance ministry’s nod and is expected to get a go-ahead soon, said one of the two officials mentioned above.
“Authorities have sought the finance ministry’s approval on going ahead with the 8.5% interest rate for 2020-21. When the decisions were made about the interest, all factors have been taken into account and the fund manager is well placed to pay 8.5% rate,” said this official. “Though some argue that the finance ministry’s approval is just a matter of protocol, the EPFO cannot credit the interest rate without its approval. EPFO is expecting a go-ahead based on its board’s decision and comfortable financial position,” according to the other official.
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