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The Union Finance Ministry has approved the proposal by the Board of Trustees of the Employees Provident Fund Organisation (EPFO) to provide 8.5 per cent rate of interest for the deposits for 2020-21. A Labour Ministry official confirmed that the Finance Ministry has ratified the proposal on Friday.
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Workers in the age-group of 22-25 years registered highest number of net enrolmentsThe Board of trustees had decided continue a lower interest rate of 8.5 per cent in March this year. It lowered the rate to 8.5 per cent in 2019-20 from 8.65 per cent in 2018-19. This was the lowest rate since 2012-13.
The EPFO had provided an interest rate of 8.65 per cent in 2016-17 and 8.55 per cent in 2017-18. In 2015-16, the rate was 8.8 per cent and 8.75 per cent in 2013-14. The rate of interest was 8.25 per cent in 2011-12.
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