EPFO slashes interest rate on deposits to 8.5% for 2019-20

Name: EPFO slashes interest rate on deposits to 8.5% for 2019-20
Uploaded: 05 Mar 2020, 01:47:31 PM
Duration: 01:56
Channel: TIMESOFINDIA.COM

3 views | Mar 05, 2020, 01:47:31 PM | Times Now

Not too good news for the working class. EPFO lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said labour minister Santosh Gangwar. The 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 the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee. Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.