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Over 6 cr EPFO members to get 8.65% interest for 2018-19: Labour minister

YB WEB DESK. Dated: 9/17/2019 3:01:23 PM

Over 6 cr EPFO members to get 8.65 pc interest for 2018-19: Labour minister
Labour Minister Santosh Gangwar on Tuesday said over 6 crore EPFO members will get 8.65 percent interest on their deposits for 2018-19.

The Central Board of Trustees -- the apex decision-making body of the Employees' Provident Fund Organisation (EPFO) -- had approved an 8.65 percent interest rate for the last fiscal in February this year.

The proposal was sent for the concurrence of the finance ministry.

"...Ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 percent interest for 2018-19," Gangwar told reporters on the sidelines of a function here.

At present, the EPFO is settling PF withdrawal claims at 8.55 percent interest rate, which was approved for 2017-18.