Employees alert! EPFO interest rate on deposits cut to 8.5 pct
Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for the current financial year. The the Employees' Provident Fund Organisation (EPFO) had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the EPFO's apex decision making body -- the Central Board of Trustee (CBT).
"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the CBT meeting today," Labour Minister Santosh Gangwar said here after the meeting. The minister also said that the EPFO will have a surplus of over Rs 700 crore on providing 8.5 per cent rate of interest on EPF for this fiscal. (Photo: PTI)
EPFO interest rate
The EPFO interest rate announced for the current fiscal is lowest since 2012-13, when it was 8.5 per cent. The EPFO had provided 8.65 per cent interest rate to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. (Photo: Reuters)