Salaried employees are set to get 0.15% less in interest on provident fund deposits for 2019-2020, with the Central Board of Trustees of the Employees’ Provident Fund on Thursday reducing the interest rate from 8.65% to 8.5%.
At the meeting of the Board chaired by Union Minister for Labour and Employment Santosh Kumar Gangwar, the “Central Board recommended crediting of 8.5% annual rate of interest on the EPF accumulations in the EPF members’ accounts for the year 2019-20”, a Ministry statement said.
The Board also ratified the restoration of normal pension after 15 years from the date of commutation — a move that will benefit about 6.3 lakh pensioners who had opted for commutation on or before September 25, 2008, the statement said.
It also approved a proposal to empanel the Jammu and Kashmir Bank as one of the banks for the collection of EPF dues in J&K.
