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No disagreement with Finmin on 8.55% interest on EPF, says Gangwar

Monday, April 16, 2018

Labour Minister Santosh Gangwar has said that there is no disagreement with the finance ministry on providing 8.55% rate of interest for 2017-18 to over five crore subscribers of retirement fund body EPFO.

The Employees' Provident Fund Organisation's apex decision making body Central Board Trustees (CBT) had decided to provide 8.55% rate of interest on EFF for last fiscal on February 21, 2018 and sent the proposal to the finance ministry for its concurrence.

"It is not that they have rejected our proposal (of 8.55% rate of interest on EPF deposits for 2017-18). They can give suggestion on our proposal, " Gangwar told PTI.

"The proposed rate of interest will be ratified by May or June as per convention. There is no disagreement on the proposed interest rate. Had there been any disagreement, we would have got their view by now," he added.

The minister was responding to the speculations that the finance ministry may not approve the 8.55% interest rate on EFF for 2017-18 which is even lower than the 8.65 provided for 2016-17.

After providing 8.55% interest for 2017-18,  the EPFO would have a surplus of Rs 586 crore. The 8.55% rate of interest would be lowest rate in last five year for subscribers.

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