EPFO members to get 8.65% interest for 2018-19: Minister

Labour Minister Santosh Gangwar on Tuesday said over 6 crore EPFO members will get 8.65 per cent interest on their deposits for 2018-19.

The Central Board of Trustees -- the apex decision-making body of the Employees' Provident Fund Organisation (EPFO) -- had approved 8.65 per cent interest rate for the last fiscal in February.

The proposal was sent for the concurrence of the finance ministry.  "...ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19," Gangwar told reporters on the sidelines of a function.

At present, the EPFO is settling PF withdrawal claims at 8.55 per cent interest rate, which was approved for 2017-18.