Employee Provident Fund Rate Cut To 8.5% After 7 Years, To Impact 6 Crore

Retirement fund body Employees' Provident Fund Organisation (EPFO) will pay interest at the rate of 8.5 per cent for the current financial year, Labour Minister Santosh Gangwar said on Thursday. That marked a cut of 15 basis points - or 0.15 percentage point - from the interest rate of 8.65 per cent paid on EPF investments for financial year 2018-19. The move is likely to impact around six crore subscribers of the provident fund scheme.