The Hush Post | 7:34 pm | One-minute read |
Ahead of the Lok Sabha polls, the Employees’ Provident Fund Organisation (EPFO) has recommended increasing the rate of interest on Employees` Provident Fund (EPF) for the current financial year. For the financial year 2018-19, the interest rate is proposed at 8.65 per cent per annum. Last year the interest rate on EPF was 8.55 per cent.
The move is set to benefit around 6 crore subscribers of the retirement fund body.
Labour Minister Santosh Gangwar informed that the decision to this effect was taken in the meeting of the Central Board of Trustees (CBT) of the EPFO. Gangwar said that the proposal has been sent to the finance ministry for approval. After the go ahead from the finance ministry the interest will be deposited into the accounts of the subscribers.
For the financial year 2017-18 the EPFO gave interest at 8.55 per cent which was the lowest in five years. In 2016-17 the rate was 8.65 per cent, 8.8 per cent in 2015-16, and 8.75 per cent in 2014-15 and 2012-14.