New Delhi: The Employees Provident Fund Organization (EPF4O) is likely to give New Year gifts to more than 4 crore members this month. There is a high probability that 7.5 per cent interest will be deposited in the members’ accounts for the 2019-20 financial year. It was decided to split the interest this time into two installments. The decision was taken at a meeting chaired by Union Labor Minister Santosh Gangwar last September. The first installment was to be paid at 9.15% and the second installment at 0.35%. However, as the stock market situation improves, it is rumored that 4.5% interest can be deposited in member accounts at once. The work is expected to be completed by the end of this month. The finance ministry has asked for clarification on last year’s interest rate, and the issue has been resolved. In March this year, a meeting of the Central Board of Trustees of the EPF4O was held under the chairmanship of Mr. Gangwar, which approved a 7.5% interest rate proposal for 2019-20. However, it was decided last September to pay interest in installments in view of the effects of the epidemic. Now that the stock market situation is normal, it is said that depositing all interest for the year at once will not be a problem for the EPF4O.
