EPF News: EPFO Starts crediting 8.5% interest for 2019-20

Economy Interest News

New Delhi: New Year’s gift from the Ministry of Labour & Employment Santosh Kumar Gangwar has issued a notification to increase the interest rate of EPF. As a result, EPF will credit interest up to 8.5 percent from this year. At present, the employee was getting 7.15 percent interest in EPF.

He said this at a press conference on December 31. Wishing EPF holders a Happy New Year, EPF has announced an increase in interest rates He said that due to the corona of 2020, it has gone through an unusual situation.

At its March 5 meeting, the EPF proposed an interest rate of 7.50% for 2019-20. The Ministry of Finance & the Public Service (MoF&PS) had also suspended its approval on the issue, citing a strain on the state exchequer due to the coronavirus.

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