90-Word Edit | EPFO decision a big relief

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It is not a great news but not bad either for five crore EPFO active members. The employees provident fund organisation has maintained the 8.5% interest rate for 2020-21.

There were expectations that the rate would be cut due to higher withdrawals and lower contribution by members in view of the Covid-19. EPFO has been giving higher interest than the market rates for some time now, which has eroded its surplus.

Also Read | Here’s what a Board member had to say on the decision

To achieve this, EPFO must increase its market exposure to ultimately benefit about 6.5 crore subscribers and expand the canvas.