EPF interest rate set to be hiked to 8.65%; minister says it will soon be notified
EPFO subscribers alert! The Ministry for Labour and Employment will soon notify 8.65 per cent interest rate on EPF (Employees’ Provident Fund) for 2018-19.
EPFO subscribers alert! The Ministry for Labour and Employment will soon notify 8.65 per cent interest rate on EPF (Employees’ Provident Fund) for 2018-19. The Minister for Labour Minister Santosh Gangwar made an announcement in this regard on August 30.
“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,” Santosh Gangwar told reporters on August 30.
See Zee Business Live TV streaming below:
This soon to be announced Labour and Employment ministry's notification would enable retirement fund body EPFO (Employees’ Provident Fund Organisation) to implement this rate. Currently, the EPFO is paying an interest rate of 8.55 per cent for 2018-19 under the Provident Fund (PF) withdrawal claims. For information to our readers, this 8.55 per cent EPF interest rate on employees' deposits was fixed for 2017-18 as well.
In February 2019, the Central Board of Trustees — EPFO’s apex decision-making body, which is ex-officio headed by the Labour Minister, had taken a decision to raise the interest rate on EPF to 8.65 per cent for 2018-19, which was the first increase in the past three years. In April 2019, the Department of Financial Services (DFS) had given its concurrence to the EPFO’s decision to provide 8.65 per cent rate of interest for 2018-19. The EPFO had earlier reduced the PF interest rate for 2016-17 to 8.65 per cent as compared with 8.8 per cent for 2015-16.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
01:05 PM IST