EPF interest rate lowered by 15 bps to 8.5% for FY20

Employees’ Provident Fund Organisation has announced a 15 basis point reduction in the interest rate on PF deposits in 2019-20 compared to 8.65% in 2018-19 on the back of lower yields on its investments. The decision to this effect was taken at the just concluded central board of trustees meeting of EPFO. ET had reported last week that government would.cut interest rate on PF deposits by 15 basis points.

Daily Current Affairs Quiz 2020

The economic slowdown which has impacted EPFO’s earnings on debt market instruments including government securities and fixed deposits. Labour minister headed central board of trustees of EPFO is the apex decision making body of EPFO which manages a corpus of over Rs 12 lakh crore and has an active subscriber base of six lakh.