Circular for PF interest rate credit for the financial year 2019-20 has been issued. Ministry of Labor and Employment has issued a circular informing all Regional PF Offices that 8.50% interest rate has been approved on PF accounts for the financial year 2019-20 and has instructed the Commissioners of all Regional PF offices that Interest should be credited to the PF accounts of all PF subscribers at an interest rate of 8.50%.
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Interest will now be gradually credited on the accounts of all PF account holders, because once confirmed through the official circular, the PF account of the PF members by the Regional PF office Interest is credited.
For the financial year 2019-20, there was a long wait for the interest on PF. First it was said to pay 8.50% interest on PF accounts in March 2020, followed by the CBT meeting on 9 September 2020 to credit 8.50% interest in two installments, finally Labor at the end of December. The proposal was sent by the Ministry to the Finance Ministry, stating that we have made good money from the Exchange Traded Fund and we want to credit 8.50% interest in a single installment and the Finance Ministry approved………..Read More>>