(Image source from: Livemint.com)
Government Hikes EPF Interest Rate To 8.65%:- EPFO decided to increase the PF interest rate to 8.65% on the PF deposits which was 8.55% last year. This will be applicable to 6 crore subscribers in the country. Labour Minister Santosh Gangwar announced the update today. All members of the Central Board of Trustees (CBT) of EPFO at a meeting agreed for the higher interest rate for the subscribers for the current fiscal revealed the minister.
This proposal will be sent for the Finance Ministry to get it approved said Santosh Gangwar. The Central Board of Trustees (CBT) headed by Labour Minister is the decision making body of the EPFO and can finalize the rate of interests on PF deposits for every financial year. The EPFO had provided a five-year low rate of interest of 8.55% to its subscribers for 2017-18.