Bad news for salaried employees as they could face a cut in interest on their provident fund (PF) deposits for FY20. The rate of interest on the employees' provident fund (EPF) has been lowered to 8.5% for the current financial year, announced Labour Minister Santosh Gangwar. The Employees' Provident Fund Organisation (EPFO) had provided 8.65% rate of interest on EPF for 2018-19 to its around six crore subscribers. The Labour Ministry now requires the Finance Ministry's concurrence on the matter.
Bad news for salaried employees as they could face a cut in interest on their provident fund (PF) deposits for FY20. The rate of interest on the employees' provident fund (EPF) has been lowered to 8.5% for the current financial year, announced Labour Minister Santosh Gangwar. The Employees' Provident Fund Organisation (EPFO) had provided 8.65% rate of interest on EPF for 2018-19 to its around six crore subscribers. The Labour Ministry now requires the Finance Ministry's concurrence on the matter.
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