EPF will earn 8.5 per cent interest

The government has raised interest rates on EPF deposits to 8.5 per cent.

Union Minister Gangwar made the announcement at a press conference here on December 31. He wished all EPF holders a Happy New Year and promised to increase interest on EPF in March 2020. Which is now being completed full time.

  • News18
  • Last updated:
    December 31, 2020, 6:12 pm IST

New Delhi. The Union Minister for Labor and Employment has given a New Year’s gift to all PF holding employees. Union Minister Santosh Gangwar has issued a notification to increase interest rates on EPF. In such a case, interest at the rate of 8.5 per cent will be paid on the deposited EPF. Until now, employees were earning 8.15 per cent interest on employee provident funds.

Union Minister Gangwar made the announcement at a press conference here on December 31. He wished all EPF holders a Happy New Year and promised to increase interest on EPF in March 2020. Which is now being completed full time.

“Conditions in 2020 were not favorable for us,” he said. At the beginning of the year, when we deposited the provident fund, we had announced an increase of .5..5 interest on EPF for 201-20-201. On which we have focused on full activism and today I am firmly fulfilling this promise.

We have approved our proposal in consultation with the Ministry of Finance. It is a different matter that the date of implementation of this interest rate was March 31, 2020, which was reduced to December 31, 2020. We are now able to comply with that decision within this time frame. Today, the provident fund for the financial year 201-20-1-20 on. Notification has been issued to pay interest at rate%. As of today, all six crore customers have started getting this interest rate.



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