New Delhi- Employees now get 8.65% interest on the EPF in the financial year 2018-19. The Central Finance Ministry approved the EPFO decision to increase interest rates. The Center’s decision will benefit more than 60 million people working in the formal field. “The Department of Financial Services (DFS), which works under the Central Finance Ministry, approved the EPFO decision to increase interest rate to 8.65 percent on the EPF for the financial year 2018-19,” a source familiar with the development said. ‘
Earlier, in February, the Central Board of Trustees, the top body of EPFO, led by Union Labor Minister Santosh Gangwar, decided to increase the interest rate on EPF to 8.65 per cent for the financial year 2018-19, which will be applicable for interest rate within three years. The first hike was. The interest rate on EPF in the financial year 2017-18 was 8.55 per cent, which has been increased to 8.65 per cent. The EPFO had reduced the interest rate to 8.65 per cent in 2016-17, which was 8.8 per cent in FY15-16.