NEW DELHI :
LABOUR Minister Santosh Gangwar on Tuesday said over 6 crore EPFO accounts will be credited with interest amount at 8.65 per cent rate for 2018-19 ahead of the festival season. 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 on February 21, this year. The proposal was sent for the concurrence of the Finance Ministry. Once approved by the Finance Ministry, the EPFO would credit the interest amount at 8.65 per cent rate in subscriber accounts and settle claims on this rate.
At present, the EPFO is settling PF withdrawal claims at 8.55 per cent interest rate, which was approved for 2017-18. “...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 the National Safety Awards function here. On the delay in notifying EPF interest rate, the minister said, “Finance Minister is busy these days. She has the file (proposal for EPF interest rate for 2018-19).
She does not disagree on this. The 8.65 per cent rate of interest approved by us would be provided to EPFO subscribers for 2018-19. It should be done in few days.” Talking about new infrastructure to be set through bodies under the Labour Ministry in the two Union Territories of Jammu & Kashmir and Ladakh, the Minister said, “The Employees State Insurance Corporation would open a 30-bed hospital in Leh and 100-bed hospital in Srinagar. Besides, the EPFO would open its offices in Srinagar and Jammu, and if needed in Leh also.”