/>

EPF interest rate lowered to 8.5%

“The EPFO has decided to provide 8.5% interest rate on EPF deposits for 2019-20 in the CBT meeting today,” Labour Minister Santosh Gangwar said.

Updated - March 05, 2020 07:11 pm IST - New Delhi

MoS (Independent Charge) for Labour and Employment Santosh Kumar Gangwar. File photo.

MoS (Independent Charge) for Labour and Employment Santosh Kumar Gangwar. File photo.

Salaried employees are set to get 0.15% less in interest on provident fund deposits for 2019-2020, with the Central Board of Trustees of the Employees’ Provident Fund on Thursday reducing the interest rate from 8.65% to 8.5%.

At the meeting of the Board chaired by Union Minister for Labour and Employment Santosh Kumar Gangwar, the “Central Board recommended crediting of 8.5% annual rate of interest on the EPF accumulations in the EPF members’ accounts for the year 2019-20”, a Ministry statement said.

The Board also ratified the restoration of normal pension after 15 years from the date of commutation — a move that will benefit about 6.3 lakh pensioners who had opted for commutation on or before September 25, 2008, the statement said.

It also approved a proposal to empanel the Jammu and Kashmir Bank as one of the banks for the collection of EPF dues in J&K.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.