EPF Interest: Union Labor Minister Santosh Gangwar on Thursday said that from today, 8.5 percent interest on Employees Provident Fund (EPF) will start going to the PF account of more than 6 crore employees. He said that today a notification has been issued to make interest at the rate of 8.5% on the amount of provident fund for the financial year 2019-20. All our shareholders, the money will start going to their accounts from today at 8.5 percent interest rate. Stay with us to keep updated with every news in Hindi related to EPF interest money coming into the accounts of crores of people .
The Labor Ministry has decided to notify the 8.5% interest rate for 2019-20 on the Employees Provident Fund (EPF), a retirement fund with more than 6 crore account holders, after the approval of the Ministry of Finance (Fianance Ministry).
Labor Minister Gangwar said that the Ministry of Labor has issued a notification for the interest rate of 8.5 percent for depositing more than 6 crore account holders of Employees Provident Fund Organization (EPFO). After getting the consent of the Finance Ministry, Labor Minister Santosh Gangwar gave formal approval for the notification on the rate of interest on EPF on Thursday.
Now after officially notifying the interest rate in the official gazette, the EPFO headquarters will give instructions for depositing interest in the accounts of the account holders. In March this year, the Central Board of Trustees, the supreme decision making body of the EPFO, approved the 8.5 per cent interest rate on the EPF for 2019-20 under the chairmanship of Gangwar.
In September this year, the EPFO in its trustees meeting chaired by Gangwar decided to divide 8.5 per cent interest into two installments of 8.15 per cent and 0.35 per cent. However, later the ministry decided to put the entire 8.5 percent contribution in the accounts of the account holders at one go.
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