Good news for salaried employees: EPFO likely to hike rate ahead of polls

EPFO has a subscriber base of more than 60 million and manages retirement savings of over Rs 11 trillion

In what could bring cheer to 60 million salaried employees, the Employees’ Provident Fund Organisation (EPFO) may raise interest rates from 8.55 per cent currently. Three officials with knowledge of the matter told Live Mint that if not raised, it will at least be retained at the existing level, making it one of the most rewarding savings scheme.

Although the EPFO rate is declared in December every year, there was a slight delay in 2018 as the account audit was still being done. It is now expected to be announced on February 1.

There is little scope for reducing the