Big decision likely on minimum pension rate soon; EPF interest unlikely to change
Synopsis
A meeting of the Central Board of Trustees of the EPFO is going to be held on November 16 where, among other things, EPF interest rates will also be discussed.
Here is some very important news for the members of the Employee Provident Fund Organization. A meeting of the Central Board of Trustees of the EPFO is going to be held on November 16 where, among other things, EPF interest rates will also be discussed. Besides reviewing the PF interest rates, an important decision is also expected on the pension amount. Let us tell you that at present the interest rates of EPF are 8.5 per cent. But do not raise your hopes just yet.
The biggest talking point in the EPFO meeting is going to be the interest rate. In this meeting, it will be decided that how much interest will be given to you on EPF this year. If experts are to be believed, the EPFO body may keep the interest rates stable. Simply put, the possibility of any kind of change is less likely. This means that EPFO members can be seen getting 8.5% interest.
According to sources, the discussion may also revolve around the minimum pension amount. At present, the central trade unions have been demanding that the minimum pension be increased from Rs 1000 to Rs 6000. However, the EPFO Central Board of Trustees may consider increasing it to Rs 3000. The controversial issue of investing EPFO money in private corporate bonds will also be a topic of discussion in the meeting. It is evident that the EPFO Central Board of Trustees' meeting may witness fireworks. However, the government and its EPF body seem inclined to offer some relief to the common people.
The last meeting of the Central Board of Trustees was held in Srinagar during which it was recommended to keep the interest rate on EPF at 8.5 per cent for the financial year 2020-21. The Finance Ministry had recently given its approval to the recommendation. Now it will be interesting to see the stand that the CBT takes on November 16.
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