New Delhi: The Employees’ Provident Fund Organisation (EPFO) on Thursday announced a hike of 10 basis points in interest rates for provident fund (PF) deposits for 2018-19.
As per EPFO’s announcement, the PF rate will go up to 8.65% from 8.55% in 2017-18. This will benefit about six crore subscribers, according to reports.
The interest rate in 2016-17 was 8.65% and 8.8% in 2015-16. The rate of interest was 8.75% for 2013-14 as well as 2014-15 while it was 8.5% in 2012-13.
The decision to finalises the rate of interest on PF deposits for a financial year is taken by the apex decision making body of the EPFO called the Central Board of Trustees (CBT). It is headed by Labour Minister of the Union government.
After getting CBT’s approval, the proposal needs the concurrence of the Finance Ministry following which the interest is credited into the subscribers’ accounts.
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What is the point of increasing it when we are not able to withdraw our PF because companies are not submitting our share in the account. And as usual govt. don’t help.