Current Affairs Economy & Banking

Category : Economy & Banking

Employees’ Provident Fund Organisation has hiked interest rate on employees’ provident fund to 8.65% from 8.55% for the 2018-19 fiscal year. The announcement was made by Labour Minister Santosh Gangwar. The proposal would now go to the Finance Ministry for approval, Gangwar said after the CBT meeting. The Central Board of Trustees (CBT) headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.

Do You Know?

Earlier Rates: The EPFO had provided a five-year low rate of interest of 8.55% to its subscribers for 2017-18. The body had kept the interest rate at 8.65% in 2016-17 and 8.8% 2015-16. It provided 8.75% interest for 2013-14 as well as 2014-15. The rate of interest was 8.5% in 2012-13.

Source- The Quint