EPF interest rate hike to 8.65 per cent approved; 60 mn EPFO subscribers to get benefit

ZeeBiz WebTeam | Apr 26, 2019, 08:11 PM IST

Union finance ministry has ratified the hike of the Employees Provident Fund (EPF) interest rate to 8.65% as approved by retirement fund manager EPFO. Confirming the development to PTI, a labour ministry official on the condition of anonymity, said, "The Department of Financial Services has accepted the EPFO rate hike and given its concurrence for a higher interest payout." Although the FinMin approval is a procedural formality, it is needed before interest rates are passed on to 60 million EPFO subscribers.

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Earlier on February 21, the central board of the EPFO had announced an increase in the EPF interest rate to 8.65% in 2018-19, paring its reserves to their lowest level in three years. This required approval of finance ministry, which has been given today. Image source: PTI