Labour Ministry Hikes Interest Rate to 8.65% on Employees Provident Fund for 2018-19
The EPFO has been settling EPF withdrawal claims at 8.55 percent interest rate, approved for 2017-18.
New Delhi: The Labour Ministry has notified 8.65 per cent 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 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts at a higher rate of 8.65 per cent for 2018-19.
"It gives me immense pleasure that for fiscal 2018-19, Labour Ministry has notified 8.65 per cent rate of interest on employees' provident fund (EPF). This rate of interest is 10 basis points higher than 8.55 per cent provided in 2017-18," Gangwar said in a statement issues here.
"This rate of interest (8.65 per cent) 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 per cent 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 per cent interest for 2018-19, into the accounts of more than 6 crore EPFO subscribers.
PTI had reported on September 19, 2019, that the government had approved 8.65 per cent rate of interest on EPF for 2018-19 fiscal year.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Sanya Malhotra Grooves to Ghungroo from War, Sets Dance Floor and Social Media on Fire
- How a Wheelchair Taxi Service is Helping Specially-Abled Voters in Mumbai Reach Poll Booths
- CM Arvind Kejriwal Announces Mega First-of-its-Kind 'Community Diwali' in Delhi
- Flipkart Big Diwali Sale: Get Samsung’s The Frame QLED Smart TV at Rs 72,000
- OnePlus TVs Will Get The Netflix App Soon, But We Don’t Know Exactly When