If you do a job, it’s good news for you. The Finance Ministry has approved the interest rate of 8.65 percent for the Employees Provident Fund (EPF). This interest rate will be for the financial year 2018-2019. Significantly, more than 60 million employees are going to benefit from this. An official from the Finance Department has given this information.
According to the department, it has been approved with certain conditions. Earlier, EPFO and Labor Minister Santosh Gangwar had decided in February that interest rates on EPF will be 8.65 percent. Significantly, it has been the first time in three years that the interest rate of the EPF has been increased.
EPF rate was 8.55 percent for 2017-2018. Which was reduced at the interest rate of 2016-2017. The interest rate was 8.65 percent in 2016-2017. The same happened this year as the interest rate was 8.8 percent in 2015-2016. Which was later reduced.
According to EPFO estimates, after raising the rate of interest, the additional burden of taxation of Rs. 151.67 crores will be applicable. If it is done 8.7% then it will be a loss of 158 crores. It has been fixed 8.65 percent of this.