Retirement fund body EPFO on Thursday started crediting 8.5% rate of interest on employees' provident fund (EPF) for 2019-20 for its over 6 crore members, a senior official said. A large number of members of the Employees Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5% rate of interest for 2019-20.
Labour Minster Santosh Gangwar said, "We had said that it would be our endeavour to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers account." The minister also said that he has asked to ensure that all those members who are retiring on December 31, must get 8.5 per cent rate of interest (for 2019-20). The process for capital gains for payment of 0.35 per cent interest for 2019-20 has also been completed, he added.