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Over 6 Crore Provident Fund Subscribers To Get 8.65% Interest

Labour Minister Santosh Gangwar on Tuesday said more than six crore members of the Employees’ Provident Fund Organisation (EPFO) will get interest at the rate of 8.65 per cent on their deposits for financial year 2018-19.

The Central Board of Trustees — the top decision-making body of the Employees’ Provident Fund Organisation — had in February this year approved an interest rate of 8.65 per cent rate for the financial year 2018-19.

The proposal was sent for the concurrence of the finance ministry. “…ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19,” Mr Gangwar told reporters on the sidelines of a function here.

At present, retirement fund body EPFO is settling provident fund (PF) withdrawal claims at the interest rate of 8.55 per cent, which was approved for the financial year 2017-18.Earlier this year, the EPFO’s (Employees’ Provident Fund Organisation) apex decision-making body Central Board of Trustees, headed by the labour minister, had decided to raise the interest rate on EPF to 8.65% for the year 2018-19, the first increase in the past three years.

“The finance ministry does not disagree with 8.65% interest on EPF for 2018-19. I believe that it will soon be notified,” Gangwar had said on the sidelines of a FICCI meet last month.

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