The wait is over for the salaried individuals contributing towards their Employee Provident Fund (EPF). Their provident fund (PF) is soon going to be credited with interest. The interest rate of 8.65 per cent on the Provident Fund (PF) for 2018-19 has been given the government’s go-ahead.
On September 27, the Employees’ Provident Fund Organisation (EPFO) has circulated a direction to all regional provident fund commissioners, officers-in-charge and regional offices to issue necessary instructions for crediting the interest rate for 2018-19 to the Provident Fund account of the members. In the statement, the EPFO states that the Ministry of Labour and Employment has conveyed the approval of the Central Government to credit interest rate of 8.65 per cent for 2018-19 to the EPF accounts.
The interest rate on EPF was hiked to 8.65% from 8.55% declared in 2017-18. According to the EPFO estimates, even after declaring 8.65 per cent rate of interest on PF for 2018-19, the organisation will have a surplus of Rs 151.67 crore. Earlier than that, the interest rate on EPF was reduced for 2016-17 to 8.65 per cent as compared with 8.8 per cent for 2015-16.
The apex decision-making body of the EPFO, the Central Board of Trustees had earlier approved 8.65 per cent interest rate…….Read More>>