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