On Tuesday, Labour Minister Santosh Gangwar told PTI that the over 6 crore EPFO members will get 8.65 percent interest on their deposits for 2018-19.
The Central Board of Trustees, the apex decision-making body of the Employees' Provident Fund Organisation (EPFO), had approved 8.65 percent interest rate for the last fiscal in February this year. It was the first increase in the interest rate in three years.
The proposal was sent for the concurrence of the finance ministry. After the finance ministry's concurrence, the labour ministry can make an official notification, only after which the PF offices will credit the interest and settle claims accordingly.
"...ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19," Gangwar told reporters on the sidelines of a function.
At present, the EPFO is settling PF withdrawal claims at 8.55 percent interest rate, which was approved for 2017-18.