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Economy

EPFO proposes interest rate hike to 8.65%, but it's still lower than 2013-14 rates

Updated : February 22, 2019 08:50 AM IST

Retirement fund body Employees' Provident Fund Organisation (EPFO) on Thursday announced its proposal to increase interest rate to 8.65 percent from 8.55 percent on PF deposits for 2018-19, to its 6 crore subscribers.

The EPFO had provided a five-year low rate of interest of 8.55 percent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 percent in 2016-17 and 8.8 percent in 2015-16. It provided 8.75 percent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 percent in 2012-13.

This is the first time since 2015-16 that the interest rate has been raised.

All members of the Central Board of Trustees (CBT) of EPFO at a meeting agreed to give a higher interest for subscribers for the current fiscal, said labour minister Santosh Gangwar.

The proposal would now go to the finance ministry for approval, Gangwar said after the CBT meeting.

The CBT headed by labour minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.

The board is confident that finance ministry will approve 8.65 percent EPF interest rate for 2018-‘19, said Gangwar, adding that there will be a surplus of Rs 151 crore despite a higher interest rate.

With inputs from agencies.

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