New Delhi, Feb 21 (PTI) Retirement fund body EPFO has decided to provide 8.65 per cent interest on PF deposits for 2018-19 against 8.55 per cent in the last year to its 6 crore subscribers, Labour Minister Santosh Gangwar said Thursday. Also Read - 7th Pay Commission Latest News: Govt Employees’ Salary, PF, Gratuity Going to Change From April If Centre Implements New Wage Code Bill | Details Here
All members of the Central Board of Trustees (CBT) of EPFO at a meeting here agreed to give a higher interest for subscribers for the current fiscal, the minister said further. Also Read - Pakistan Prime Minister Imran Khan Lashes Out at Opposition For Making Mockery of Democracy
The proposal would now go to the Finance Ministry for approval, Gangwar said after the CBT meeting. Also Read - Need A New Driving License, RC? No Need to Visit RTO Anymore | Here's How You Can Get it Online
Earlier, highly placed sources had indicated that the interest on EPF deposits for this fiscal could be more than 8.55 per cent in view of impending general elections.
The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.
Once approved by the CBT, the proposal requires the concurrence of the Finance Ministry. The interest rate is credited into the subscribers account after the Finance Ministry’s approval.
The EPFO had provided a five-year low rate of interest of 8.55 per cent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 per cent in 2016-17 and 8.8 per cent in 2015-16. It provided 8.75 per cent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 per cent in 2012-13.
This is published unedited from the PTI feed.