For the year 2017018, the retirement fund body EPFO has notified the lowest interest rate in 5 years of 8.55% and consequently asked its field offices to credit the same interest in around 5 crore EPF subscribers.
As per an order issued by the retirement body, the agreement of the government has been intimated by the labour ministry.
For the last fiscal, the finance ministry notified a rate of 8.55% but that could not be implemented due to model code of conduct for Karnataka elections.
For 2016-17, the EPFO offered 8.6%, 8.8% in 2015-16, 8.75% each in 2014-15 and 2013-14.
In 2012-13, EPFO had offered 8.5% rate of interest on EPF. Thus, at 8.55% for 2017-18, it is a five year low.