NEW DELHI: The Labour Ministry has decided to notify 8.5 per cent rate of interest on employees’ provident fund (EPF) accounts of over six crore subscribers of retirement fund body EPFO for 2019-20 after receiving the finance ministry’s concurrence on that, a senior official said.
“The labour ministry has decided to notify the 8.5 per cent rate of interest for crediting the same into the account of over six crore subscribers of the Employees’ Provident Fund Organisation (EPFO),” the official told PTI.
The official said that the rate of interest on the EPF has been formally approved for notification by Labour Minister Santosh Gangwar on Thursday after receiving the finance ministry’s concurrence.
Now the interest rate would be officially notified in the government gazette following which the EPFO headquarter would give directions for crediting the rate of return on EPF into the subscribers accounts.
Source: The New Indian Express
