EPFO Diwali update: Subscribers likely to receive interest for FY2021 soon – Details inside
According to a leading daily, the Employees’ Provident Fund Organisation (EPFO) is likely to credit the interest rate for 2021 to all its subscribers. This is also being done to improve the mood of the market as festivals are approaching. The interest rate and the amount will further be revealed soon as and when the government employees and pensioners get their share of increased dearness allowance and dearness relief.
According to a report by HT, two government officials reported this but did not wish to be named.
If this is to be true then it will surely be a treat for the salaried class since all they have been facing is an increase in prices so receiving this amount will act as a bonus.
As per speculations, the central board of EPFO has decided the interest rates according to the current hike in the market. The central board of the EPFO has approved interest rates according to the current hike in the market. Officials also speculated that the finance ministry has approved a rate of 8.5 per cent for 2020-21.
The last few months have seen an increase in central government employees DA and DR. This came after the process was stalled due to the coronavirus pandemic in 2020. The DA was hiked to 28 per cent. Seven states in total received a hike – Uttar Pradesh, Jammu and Kashmir, Jharkhand, Haryana, Karnataka, Rajasthan and Assam.