EPFO notifies 8.55% interest for 2017-18

The Central Board of Trustees of the Employment Provident Fund Organisation has notified its field offices to credit an 8.55% rate of interest on the holdings of subscribers for 2017-18. It is the lowest rate since the financial year 2012-13. There are around five crore subscribers.

The Labour Ministry has approved of the decision, said an order issued to more than 120 field offices.

The Finance Ministry had ratified the rate of interest. But the decision could not be implemented because the model code of conduct that was in force for the Karnataka Assembly elections.

The EPFO had provided 8.65% interest for 2016-17, 8.8% in 2015-16 and 8.75% each in 2014-15 and 2013-14. In 2012-13, it was 8.5%