On Thursday, the Employees' Provident Fund Organisation (EPFO) announced an interest rate cut of 15 basis points on the Employees' Provident Fund (EPF) for the current financial year. For 2019-20, interest on EPF deposits will be earned at 8.5 percent compared to 8.65 percent in the previous year.
The decision was taken at the Central Board of Trustees meeting on Thursday, said Labour Minister Santosh Gangwar addressing reporters.
The rate change will further be approved by the Finance Ministry.
The Central Board of Trustees is the apex body of EPFO that decides the interest rate. EPFO is the statutory body that administers these retirement fund schemes. It manages a corpus of over Rs 12 crore of over 6 lakh members.
In FY 2017-18, the interest on EPF deposits was provided at 8.55 percent and at 8.65 percent for FY 2016-17.
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