EPFO will be crediting interest in 6 crore accounts

EPFO has good news for the EPFO account holders. Soo, it will be crediting interest in the 6 crore accounts. This interest would be for year 2018-19. As per the Press trust of India, Santosh Gangwar the Labour minister said that more than 6 crore EPFO subscribers will soon get 8.65% interest for 2018-19.

He had already intimated about the same in the last month but finance ministry was not agreed on the rate of 8.65% interest.

In the beginning of the year, the central board of trustees of the EPFO (employee provident fund organisation, decided to increase the interest rate of the EPFO to 8.65% for 2018-19. This is the first increase of the rate of interest in past three years.

Last month for the meeting of FICCI, Santosh Gangwar said¬†“The finance ministry does not disagree with 8.65% interest on EPF for 2018-19. I believe that it will soon be notified.”

Still, EPFO is waiting for the confirmation by the labour ministry on the same after which it can credit the accounts of 6 crore subscribers. The current rate of interest which EPFO is paying now is 8.55% for 2018-19 for EPF withdrawals. This rate was fixed for 2017-2018.

Its all now depends on the finance ministry, as after the confirmation of the finance ministry labour ministry would notify EPFO to credit interest. After which, EPFO would direct all of its 136 field offices to settle the claims of withdrawals by crediting the 8.65% interest on their accounts.

The interest rate of the EPFO was 8.8% in 2015-16 which got reduced in 2016-17 upto 8.65%. With further reduction, it came to 8.55% in 2017-18.