EPFO hikes rate of interest on provident fund deposits to eight.65% for 2018-19; 6 crore subscribers to profit: Govt

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New Delhi: Retirement fund physique Employees’ Provident Fund Organisation (EPFO) has determined to supply 8.65 p.c curiosity on provident fund deposits for 2018-19 in opposition to 8.55 p.c within the final 12 months to its 6 crore subscribers, Labour Minister Santosh Gangwar stated on Thursday.

All members of the Central Board of Trustees (CBT) of EPFO at a gathering right here agreed to offer a better curiosity for subscribers for the present fiscal, the minister stated additional.

The proposal would now go to the finance ministry for approval, Gangwar stated after the CBT assembly.

Representational picture. PTI

Earlier, extremely positioned sources had indicated that the curiosity on EPF deposits for this fiscal may very well be greater than 8.55 p.c in view of impending normal elections.

The Central Board of Trustees (CBT) headed by labour minister is the apex determination making physique of the EPFO which finalises charge of curiosity on provident fund (PF) deposits for a monetary 12 months.

Once accredited by the CBT, the proposal requires the concurrence of the finance ministry. The rate of interest is credited into the subscribers account after the finance ministry’s approval.

The EPFO had supplied a five-year low charge of curiosity of 8.55 p.c to its subscribers for 2017-18. The physique had stored the rate of interest at 8.65 p.c in 2016-17 and eight.Eight p.c in 2015-16.

It supplied 8.75 p.c curiosity for 2013-14 in addition to 2014-15. The charge of curiosity was 8.5 p.c in 2012-13.

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