The Employees’ Provident Fund Organisation (EPFO) on Thursday reduced the interest rate on the employee provident fund to 8.50 % for the current financial year 2019-20, from 8.65 % in 2018-19.
The decision was taken at a meeting of the central board of trustees (CBT) of the EPFO. The retirement fund body has over 6 crores of active subscribers.
“The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today,” Labour Minister Santosh Gangwar told reporters after the meeting.
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The EPFO had provided an interest rate of 8.65 % rate to its subscribers for 2016-17 and 8.55 % in 2017-18. The interest rate was at 8.8 per cent in 2015-16.
(With inputs from agency)