Thursday, February 21, 2019

EPF interest rate hiked to 8.65%

Retirement fund body Employees' Provident Fund Organisation
has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said.
   All members of the Central Board of Trustees of EPFO at a meeting agreed to give a higher interest for subscribers for the current fiscal, the minister said further.
The proposal would now go to the finance ministry for approval, Gangwar said after the CBT meeting.
Earlier, highly placed sources had indicated that the interest on EPF deposits for this fiscal could be more than 8.55 per cent in view of impending general elections.
The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.
 The EPFO had provided a five-year low rate of interest of 8.55 per cent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 per cent in 2016-17 and 8.8 per cent in 2015-16. It provided 8.75 per cent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 per cent in 2012-13.

-- PTI

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