EPFO: 8.5% interest on EPF likely to be credited by month-end

EPFO: 8.5% interest on EPF likely to be credited by month-end

Advertisement

Retirement fund body EPFO is likely to credit 8.5 percent rate of interest for 2019-20 in the employees’ provident fund (EPF) accounts of around six crore subscribers in one go by the end of December, news agency PTI has reported.

Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 percent interest into two installments of 8.15 percent and 0.35 percent in its trustees meet headed by Labour Minister Santosh Gangwar.

However, PTI quoting highly placed source said that the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 percent rate of interest on EPF for 2019-20 earlier this month.

The source further said that earlier the Ministry of Finance had sought some clarifications on the rate of interest for the last fiscal, which were duly addressed.

Advertisement

Advertisement