8.65% interest on EPF to be notified soon, says Gangwar

New Delhi, August 30 

The Labour Ministry will soon notify 8.65% rate of interest on Employees’ Provident Fund (EPF) for 2018-19 as the Finance Ministry does not disagree on this rate, said Labour Minister Santosh Gangwar today.

A notification by the Labour Ministry is required regarding the interest rate for crediting the interest amount into accounts of over six crore subscribers.

Besides, it would enable retirement fund body Employees’ Provident Fund Organisation (EPFO) to settle on withdrawal claims on this rate. Now, the EPFO is paying an interest rate of 8.55% for 2018-19 under PF withdrawal claims. The 8.55% interest rate on PF deposits was fixed for 2017-18.

“The Finance Ministry does not disagree with 8.65% interest on EPF for 2018-19. I believe that it will soon be notified,” Gangwar told reporters on the sidelines of a FICCI conference here. — PTI