In a major development, 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 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 EPFO’s apex decision making body — the Central Board of Trustee (CBT).
NEW Interest Rates: 8.5 per cent
OLD Interest Rates: 8.65 per cent
EPFO Interest Rates: Top things to know
-“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.
-A ministry source said, “The EPFO would have left with a surplus of over Rs 300 crore if it had provided 8.55 per cent…