(MENAFN- KNN India) Government approves 8.65% interest rate for EPFO members
New Delhi, Sep 19 (KNN) The Central Government has approved 8.65 per cent interest rate on employees provident fund for 2018-19.
According to media reports, the new approved interest now will be credited into the accounts of over 6 crore subscribers of the Employees' Provident Fund Organisation (EPFO).
On 21 of this year, the apex decision-making body of the EPFO -- had approved 8.65 per cent interest rate for the last fiscal.
Following which the proposal was sent for the concurrence of the Finance Ministry, and the labour ministry was waiting for its approval.
Earlier this week, Labour Minister Santosh Gangawar had assured, that ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19.
On the delay in notifying EPF interest rate, the minister had said, 'Finance Minister is busy these days. She has the file (proposal for EPF interest rate for 2018-19). She agree on this. The 8.65 per cent rate of interest approved by us would be provided to EPFO subscribers for 2018-19. It should be done in few days.
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