Labour minister Santosh Gangwar said on Tuesday that over 6 crore EPFO members will get 8.65 per cent interest on their deposits for the 2018-19 financial year.
New Delhi, Sep 17: Labour minister Santosh Gangwar said on Tuesday that over 6 crore EPFO members will get 8.65 per cent interest on their deposits for the 2018-19 financial year.
This will be an improvent on the current rate of 8.55 per cent.
“...ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19,” Gangwar told reporters here.
Earlier, there were differences over the rate between the labour and the finance ministry which were resolved after Gangwar met finance minister Nirmala Sitharaman recently.
Gangwar explained to the finance minister that the organisation is left with a lot of surplus funds even after paying an interest rate of 8.65 per cent to its 46 million subscribers, an official was quoted as saying by HT.
Last month, the union finance ministry reduced interest rate on General Provident Fund (GPF) and other similar funds to 7.9 per cent for the quarter ending September 30, 2019.
The interest rates availed by government employees in the previous quarter was eight per cent.
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