Retirement fund human body Workers Provident Fund Organisation (EPFO) on Thursday decreased the curiosity rate on deposits to 8.fifty for every cent for 2019-twenty from 8.sixty five for every cent in 2018-19. The choice was taken at a conference of the central board of trustees (CBT) of the EPFO.
“EPFO lowers curiosity rate on staff provident fund to 8.fifty for every cent for 2019-twenty from 8.sixty five for every cent in 2018-19,” reported Labour Minister Santosh Gangwar after the conference.
Now, the labour ministry calls for the finance ministry’s concurrence on the subject. Because the Government of India is the guarantor, the finance ministry has to vet the proposal for the EPF curiosity rate to avoid any legal responsibility on account of a shortfall in the EPFO profits for any financial 12 months.
The move usually means that salaried staff would make lower returns for the financial 12 months ending