EPFO may credit 8.5 pc interest by month-end

New Delhi, December 13

Retirement fund body EPFO is likely to credit 8.5 per cent rate of interest for 2019-20 in the employees’ provident fund (EPF) accounts of around six crore subscribers in one go by December-end.

Earlier in September this year, the Employees Provident Fund Organisation had decided to split 8.5 per cent interest into two installments of 8.15 per cent and 0.35 per cent in its trustees’ meet headed by Labour Minister Santosh Gangwar.

A source said the Labour Ministry has sent a proposal to the Finance Ministry to give concurrence to credit 8.5 per cent rate of interest on EPF for 2019-20 earlier this month. “The Ministry of Finance ratification is likely in few days. Thus the interest is likely to be credited by this month only,” it said. — PTI