EPFO begins crediting 8.5% interest for 2019-20

Retirement fund body EPFO has retained 8.5 per cent interest rate on employees’ provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday.

A large number of the members of the Employees’ Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent interest for 2019-20, from Friday, a senior official told PTI.

The official further said the labour ministry has already sent the direction to credit the 8.5 per cent interest on EPF for 2019-20 to the EPFO, and the body has already started crediting interest into the members’ account for the last financial year.

Labour Minister Santosh Gangwar said, “We had said that it would be our endeavour to provide 8.5 per cent interest rate on EPF for 2019-20. We have issued a notification to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers’ account.” The minister added that he has asked to ensure that all those members who are retiring on December 31 also get 8.5 per cent rate of interest for 2019-20.