Good news for more than 6 crore EPF subscribers that saw around 1.2 crore new subscribers in just last 11 months! Santosh Gangwar, Labour Minister and Head of Central Board of Trustees (CBT) finalized a hike of 0.10 to the previous EPF interest, which was 8.55 percent!
The proposal to hike EPF interest rates was set by morning of 21stFeb (’19), which later received an approval on the same day by evening. Thanks to the Ministry of Finance! Happened for the first time in last 3 years. Last update to the interest was seen in FY16 with an interest of 8.55%.
Listed below are four important facts about EPF (Employee’ Provident Fund) that you must know:
- The proposed rate for FY19 is seen for the first time in last 3 years.
- The proposal was finalized by unanimous agreement of members of CBT (Central Board of Trustees).
- Last change in EPF interest was seen in the year 2016–17, which was 8.55%.
- While EPF interest for the year 2015–16 was 8.8% being 2nd highest in the decade (2009–2019), where the highest was a whopping 9.5 percent for year 2010–11.
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Sources: NDTV, Times Of India, Economic Times.