The government F. Account holders have given a great gift to the job seekers. The Employees Provident Fund Organization (EPFO) has allocated Rs 23.44 crore for the financial year 2020-21. P. F. The retirement fund institution announced on Monday on its official Twitter handle.
In fact, in October, EPFO announced interest rates for Employees Provident Fund members’ accounts for the year 2020-21. The Ministry of Labor and Employment has given approval to the Central Government to provide interest credit at the rate of 8.50 per cent to each member’s account in 2020-21 under para 60 (1) of the Employees Provident Fund Scheme, 1952.
Note that EPFO has made it mandatory for all PF account holders to include the nominee in their account. The last date for inclusion of nominee is December 31, 2021. Failure to include the nominee in your PF account by the due date can lead to many difficulties, including loss of benefits like insurance money and pension.