Labour Minister Santosh Gangwar has said that ministry will soon notify 8.65% rate of interest on Employees’ Provident Fund (EPF) for 2018-19. Over six crore subscribers will be benefitted. The notification would enable retirement fund body Employees’ Provident Fund Organisation (EPFO) to settle on withdrawal claims on this rate. Now, the EPFO is paying an interest rate of 8.55% for 2018-19 under PF withdrawal claims. The 8.55% interest rate on PF deposits was fixed for 2017-18.
“The Finance Ministry does not disagree with 8.65% interest on EPF for 2018-19. I believe that it will soon be notified,” Mr. Gangwar told reporters on the sidelines of a conference on private security guards at FICCI in New Delhi. According to the EPFO estimates, there would be a surplus of 151.67 crore after providing 8.65% rate of interest for 2018-19 on EPF. There would have been a deficit of 158 crore on providing 8.7% rate of interest on EPF for the previous financial year. That is why the body decided to provide 8.65 per cent rate of interest for 2018-19.
The EPFO had provided a five-year-low interest rate of 8.55 per cent to its subscribers for 2017-18.
Labour Ministry to notify 8.65% rate of interest on EPF for 2018-19 : Min Gangwar
