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

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

Published: 31st August 2019 02:52 AM  |   Last Updated: 31st August 2019 09:36 AM   |  A+A-

money, 500 currency, cash

For representational purposes (File Photo | PTI)

By Express News Service

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. 

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp