Retirement fund body EPFO increased the interest rate on PF deposits from 8.55 per cent to 8.65 per cent for the 2018-19 fiscal year to its 6 crore subscribers, The Indian Express has learnt.
Earlier, Labour Minister Santosh Gangwar told PTI that all members of the Central Board of Trustees (CBT) of EPFO at a meeting agreed to give a higher interest for subscribers for the current fiscal and added that the proposal would now go to the Finance Ministry for approval.
The EPFO had provided a five-year low rate of interest of 8.55 per cent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 per cent in 2016-17 and 8.8 per cent in 2015-16. It provided 8.75 per cent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 per cent in 2012-13.