EPFO fixes interest rate on EPF deposits at 8.5% for 2020-21: Sources

The decision to fix the EPFO interest rate at 8.5 per cent was taken in the backdrop of an economic slowdown due to coronavirus pandemic.

The Employees’ Provident Fund Organisation (EPFO) has fixed the rate of interest on provident fund deposits at 8.5 per cent for the financial year 2020-21, sources in the government have said. The central board of trustees of the EPFO met on Thursday in Srinagar, where the decision was taken. The decision to fix the EPFO interest rate at 8.5 per cent was taken in the backdrop of an economic slowdown due to coronavirus pandemic that forced the Indian economy into its biggest contraction in 2020.