(MENAFN- NewsBytes)
EPFO hikes provident fund interest rate by 0.1% to 8.65%
21 Feb 2019
The Employees' Provident Fund Organization (EPFO) on Thursday announced a hike of 0.1% in the interest rate on employees' provident fund (PF) deposits for FY 2018-19.
After the hike by the retirement fund body, the PF interest rate will increase to 8.65% from 8.55% in FY18.
As many as over 6 crore subscribers of EPFO will benefit from the interest hike.
Here's more.
CBT finalizes interest rate on employees' provident fund deposits
Details
The Central Board of Trustees (CBT) is the highest decision-making body of the EPFO. CBT is responsible for finalizing the interest rate on employees' provident fund deposits for a financial year.
CBT is headed by Labor Minister Santosh Gangwar. After CBT's approval, the proposal needs to be approved by the Financial Ministry following which the interest is credited into the EPFO subscribers' accounts.
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