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EPF rate slashed to 8.1%, lowest in over 4 decades

The Employees Provident Fund Organisation (EPFO) on Saturday proposed to lower the interest rate on retirement savings for its 6.4 crore subscribers from 8.5% to 8.1%, the lowest since 1977-78. The payout, which will have to be confirmed by the finance ministry, is in line with the agency’s earnings and will leave it with a surplus of Rs 450 crore during the financial year.

The Employees Provident Fund Organisation (EPFO) on Saturday proposed to lower the interest rate on retirement savings for its 6.4 crore subscribers from 8.5% to 8.1%, the lowest since 1977-78. The payout, which will have to be confirmed by the finance ministry, is in line with the agency’s earnings and will leave it with a surplus of Rs 450 crore during the financial year. from Times of India https://ift.tt/jLIFSzM
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