InvestorQ : I heard the EPFO hiked interest rates on EPF. Is this true?
krithika Saxena made post

I heard the EPFO hiked interest rates on EPF. Is this true?

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1 year ago
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Yes, retirement fund body EPFO has raised interest rates on Employees Provident Fund (EPF) to 8.65%, from 8.55%, for 2018-19. This is the first time the retirement body has hiked interest rates in the past three years.

"We have decided to provide 8.65% rate of interest on employees' provident fund (EPF) for 2018-19. The decision was taken with the consent of all members (trustees)," Labour Minister Santosh Gangwar said after the meeting.

However, this doesn’t mean that the higher interest rate has been fixed. This is because this proposal will now go to the Finance Ministry for approval.

Labour Minister Santosh Gangwar who was chairing the meeting said, "All members of the CBT at the meeting here agreed to give a higher interest for subscribers for the current fiscal. The proposal would now go to the Finance Ministry for approval. We will also convince them to provide this rate of interest."

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