The Labour Ministry has notified 8.65% interest rate on employees provident fund for 2018-19, which will now be credited to the accounts of more than 6 crore subscribers of retirement fund body EPFO, Union Minister Santosh Gangwar said on Tuesday.
The EPFO has been settling EPF withdrawal claims at 8.55% interest rate, approved for 2017-18.
“It gives me immense pleasure that for fiscal 2018-19, Labour Ministry has notified 8.65% rate of interest on employees’ provident fund (EPF). This rate of interest is 10 basis points higher than 8.55% provided in 2017-18,” Mr. Gangwar said in a statement issued here.
“This rate of interest (8.65%) was approved by the EPFO’s apex decision making body Central Board of Trustees on February 22, 2019. We received concurrence of the Finance Ministry on September 19, 2019. Thereafter, Labour Ministry issued a notification for providing 8.65% rate of interest for 2018-19,” the Minister said.
The Minister also informed that this decision would pave the way for crediting ₹54,000 crore at 8.65% interest for 2018-19, into the accounts of more than 6 crore EPFO subscribers.
