EPFO liquidates equity outlay, retains 8.5% payout for FY21
Amid falling interest rate, the Employees Provident Fund Organisation (EPFO) has managed to hold on to 8.5% rate for the current financial year, providing relief to its nearly five crore active subscribers. Many will be hit hard by the government’s move to tax returns if contributions top Rs 2.5 lakh annually.
The decision was taken at a meeting of the EPFO’s central board of trustees headed by labour minister Santosh Gangwar. It will need to be endorsed by the finance ministry, which is known to raise the red flag almost every year before holding itself back.
EPFO to be left with Rs 300 crore surplus after equity liquidation
The retirement savings agency has relied on the stock market to offer higher returns.
“For FY 2021 (2020-21), EPFO decided to liquidate investment and the i...