Government will give interest to PF this year, six crore subscribers will be benefitted
For the Employees Provident Fund Organization (EPFO) 2018-19, the interest rate on its provident fund of more than 60 million shareholders can be maintained at 8.55 percent. “The proposals of interest rate for the current financial year will be kept in the meeting of the trustees of the EPFO on February 21,” he said. Interestingly, considering the Lok Sabha elections, the interest rate for the current financial year will be 2017 Like -18, 8.55 percent will be retained. The income estimates of EPFO will be kept in the meeting.
Even the speculation about getting more, however, the source did not completely reject the speculation that in view of the Lok Sabha elections, the interest rate on EPF deposits for the current financial year could be more than 8.55 percent.
The trustee board headed by the Labor Minister is the head of the decision making body of the EPFO, which finalizes the interest rate on the provident fund deposits for the financial year.
In 2015-16, 8.8 percent was given, after the approval of theinterestboard, the proposal will need to agree with the Finance Ministry. After the approval of the Finance Ministry, the interest rate will be credited to the shareholder’s account. EPFO gave 8.55 percent interest to its shareholders in 2017-18.
The body gave 8.65 percent interest in 2016-17 and 8.8 percent in 2015-16. At the same time, interest rate was 8.75 percent in 2013-14 and 2014-15.
The other issues which can be considered in the Board of Trustees include the appointment of new fund managers and the review of the investments made by the EPFO in the Exchange Traded Fund (ETF).