The EPFO had decided that 8.15 per cent interest from its debt income would be credited immediately
Remaining 0.35 per cent rate of interest on EPF for 2019-20 would be credited into the subscribers account in December this year
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The 8.5 per cent interest rate, which was declared in March this year is yet to be approved by the Finance Ministry
EPFO has been releasing the payroll data or new subscribers data since April 2018, covering a period starting from September 2017
Withdrawal claims worth Rs 280 crore has been settled in the past 10 days
A notification by the labour ministry is required regarding the interest rate for crediting the interest amount into accounts of over 6 crore subscribers
The EPFO now will be left with a surplus of Rs 151.67 crore by providing an interest of 8.65 per cent for the current financial year
The decision follows a populist interim budget announced by the government ahead of the Lok Sabha elections
However, the source did not dismissed completely speculations that interest rate on EPF deposits for this fiscal can be more than 8.55% in view of Lok Sabha elections
With rates of all small savings schemes, including the Public Provident Fund, going down in the past year, EPFO's return of 8.55 per cent is still the best rate
After providing 8.55 per cent interest for 2017-18, the EPFO would have a surplus of Rs 5.86 billion
At 8.55 per cent interest rate, the EPFO will retain a surplus of Rs 8.5 billion
This is third straight cut
The EPFO had announced this rate on deposits for 2016-17, a tad lower than 8.8 per cent in 2015- 16
The EPFO has earned a return of around 16% at Rs 10.54 billion
Though the post-retirement interest income earned on EPF will be taxed, discuss with an advisor before withdrawing the amount
One, returns from the bonds that Employees' Provident Fund Organisation (EPFO) has invested in have come down