New Delhi: In what comes as good news for employees working in the organised sector, Employees Provident Fund Organisation (EPFO) is likely to increase the interest rates from the current levels of 8.55 per cent. This comes ahead of Lok Sabha elections 2019, which are expected to be held in March-April with the entire nation waiting for big announcements from the Centre.
Further, the raise would benefit nearly 6 crore employees working in the organised sector availing PF account benefits. The decision was taken during an annual review meeting of the Organisation.
“The EPFO suggested the PF account holders to chose their ETF investment for a period of five to ten years as long-term investments are expected to give better returns. The NSC and PPF have delivered around 7.7 per cent returns in last two years while the EPF gives 8.55 per cent returns, especially when the interest rates have been curtailed in the last two years. Recently, Prabhakar Banasure, member, Central board of trustees at EPRO had assured that there was no plans to decrease interest rates on EPFs,” DNA said in a report.