New Delhi: The Employees’ Provident Fund Organization (EPFO) on Saturday decided to give 8.5% interest on provident fund deposits of 4.5 crore subscribers.
The decision to recommend 8.5% interest rate, the same as the last fiscal, to the Finance Ministry was taken by EPFO’s Central Board of Trustees (CBT).
The CBT, the apex policy making body of EPFO, decided to retain the interest rate at the existing level at a meeting which was chaired by union labour minister M Mallikarjun Kharge.
Payment of 8.5% interest rate on provident fund deposits, which are of the order of Rs1.82 crore, is expected to leave a surplus of Rs6.4 crore during the current fiscal.