Labour Ministry Notifies 8.65% Interest Rate On EPF For FY19
The decision would pave the way for crediting Rs 54,000 crore as interest for 2018-19.
Ministry of Labour and Employment has notified 8.65 percent 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.
The EPFO has been settling EPF withdrawal claims at 8.55 percent interest rate, approved for 2017-18. Now, the EPFO will settle accounts at a higher rate of 8.65 percent for 2018-19.
It gives me immense pleasure that for fiscal 2018-19, labour ministry has notified 8.65 percent rate of interest on employees’ provident fund. This rate of interest is 10 basis points higher than 8.55 percent provided in 2017-18.Santosh Gangwal, Union Minister
"This rate of interest rate was approved by the EPFO's apex decision making body Central Board of Trustees in February. We received concurrence of the Finance Ministry on Sept. 19, 2019. Thereafter, labour ministry issued a notification for providing 8.65 percent rate of interest for 2018-19," the minister said.
The minister also informed that this decision would pave the way for crediting Rs 54,000 crore as 8.65 percent interest for 2018-19, into the accounts of more than 6 crore EPFO subscribers.