EBM News
EBM News

Labour ministry to notify rate of interest on Employees’ Provident Fund

NEW DELHI: The labour ministry will soon notify 8.65 per cent rate of interest on the Employees’ Provident Fund (EPF) for 2018-19.

“The finance ministry does not disagree with 8.65 per cent interest on EPF for 2018-19. I believe that it will soon be notified,” Labour Minister Santosh Kumar Gangwar said on Friday.

The notification is essential for the revised interest rate to be credited in the accounts of over six crore people.

Officials said the notification would also facilitate the EPFO to settle withdrawal claims on the new interest rate.

 

Currently, it is paying an interest rate of 8.55 per cent for 2018-19 under PF withdrawal claims.

In February, the Central Board of Trustees of the EPFO had decided to raise the interest rate on EPF to 8.65 per cent for 2018-19, the first increase in three years.

In April, the Department of Financial Services had approved the decision.

According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.