Employees’ Provident Fund Organisation (EPFO) has asked its field offices to credit 8.55 per cent rate of interest for 2017-18 into the Provident Fund accounts of around 5 crore subscribers.
According to an order issued by the EPFO, the Labour Ministry has conveyed approval to credit 8.55 per cent rate of interest for last fiscal.
The finance ministry had ratified 8.55 per cent rate of interest on EPF for the last fiscal, but it could not be implemented because of model code of conduct for Karnataka elections.
Earlier, the EPFO’s Central Board of Trustees had decided to fix the rate of interest at 8.55 per cent for the last fiscal in its meeting held on February 2018.
Source: AIR News