INSUBCONTINENT EXCLUSIVE:
approved 8.65 per cent rate of interest on Employees' Provident Fund (EPF) for 2018-19 as decided by retirement fund body EPFO, benefitting
more than 6 crore formal sector workers."The Department of Financial Services (DFS), a wing of Finance Ministry, has given its concurrence
to Employees Provident Fund Organisation's (EPFO) decision to provide 8.65 per cent rate of interest for 2018-19 to its subscribers," a
efficient management of the retirement fund," the source said further
Earlier in February, the EPFO's apex decision making body Central Board of Trustees headed by Labour Minister Santosh Gangwar had decided to
EPF was hiked to 8.65 per cent for the last fiscal from 8.55 per cent provided in 2017-18
concurrence, the Income Tax Department and the Labour Ministry would notify the rate of interest for 2018-19
Thereafter the EPFO would give directions to its over 120 field offices to credit the rate of interest into subscribers' account and settle
of interest for 2018-19 on EPF
There would have been a deficit of Rs 158 crore on providing 8.7 per cent rate of interest in EPF for last fiscal
on TheIndianSubcontinent.com/elections
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