New Delhi, Feb 21, 2018
Retirement fund body, Employees’ Provident Fund Organisation (EPFO) on Wednesday reduced the interest pay to 8.55 per cent from 8.65 per cent for FY – 2017-18.
The decision was taken at the 220th meeting of the EPFO central board of trustees here. It is the third straight year when the interest rates have been slashed. EPFO decision will come into effect after it is notified by the Finance Ministry.
“At a rate of 8.55 per cent, EPFO will have a surplus of Rs 586 crore,” Labour and Employment Minister Santosh Gangwar said after the board meeting.