FinMin ratifies 8.65% interest on EPF
Posted at: Apr 27, 2019, 8:14 AMLast updated: Apr 27, 2019, 8:14 AM (IST)
New Delhi, April 26
The Finance Ministry has approved 8.65% rate of interest on Employees' Provident Fund (EPF) for 2018-19 as decided by retirement fund body EPFO, benefitting more than 6 crore formal sector workers.
"The Department of Financial Services (DFS), a wing of the Finance Ministry, has given its concurrence to Employees Provident Fund Organisation's (EPFO) decision to provide 8.65% rate of interest for 2018-19 to its subscribers," a source privy to the development said.
"The DFS has approved the proposal subject to fulfilment of certain conditions related to efficient management of the retirement fund," the source said further.
Earlier in February, the EPFO's apex decision making body Central Board of Trustees headed by Labour Minister Santosh Gangwar had decided to raise the interest rate on EPF to 8.65% for 2018-19, which was the first increase in the past three years.
The interest rate on EPF was hiked to 8.65% for the last fiscal from 8.55% provided in 2017-18. The EPFO had earlier reduced the interest rate in 2016-17 to 8.65% from 8.8% in 2015-16. — PTI
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