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Interest rate on Employee provident fund reduced
March 6 , 2020
1769 days
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- Employees Provident Fund Organisation (EPFO) lowered the interest rate on deposits to 8.50 per cent for the current financial year (FY20).
- Previously it was 8.65 per cent in 2018-19.
- The move means that salaried employees would earn lower returns for the financial year ending March 31, 2020.
EPFO
- EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India.
- EPFO comes under the administrative control of the Ministry of Labour and Employment, Government of India.
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