EPFO recommends Increased PF Interest Rate at 8.65% for 2018-19

Central Board of Trustees (CBT) of EPFO recommends Increased PF Interest Rate at 8.65% on Accumulations in the EPF Member’s Account for the year 2018-19

Central Board of Trustees (CBT) of EPFO has recommended to increase the PF Interest Rate from 8.55% (for FY 2017-18) to 8.65% (for FY 2018-19) for crediting in the respective EPF Member’s Account for their accumulations in the fund. The amount of interest will be finally calculated/ credited after concurrence/ vetting from the Govt. of India, in due course.

Ministry of Labour & Employment, GOI Press Release dt. 21 Feb. 2019

The 224th meeting of the Central Board of Trustees, EPF was held here today under the chairmanship of Union Minister of State for Labour and Employment (I/C) Shri Santosh Kumar Gangwar. The Central Board recommended crediting of 8.65 % rate of interest on the EPF accumulations in the EPF member’s account for the year 2018-19.

The Central Board ratified the amendment in EPF Scheme 1952, as approved in the 141st meeting of Financial Investment and Audit Committee (FIAC) held on February 12, 2019, to enable accounting of Investment in Exchange Traded Funds (ETFs) (Equity & Related Investment).

The Central Board ratified the approval of Chairman, CBT, EPF for continuation of C-DAC as a consultant to carry out the second phase of Computerisation Project. The Board gave extension to M/s Standard Chartered Bank as custodian of the EPFO securities on the existing terms and conditions of agreement for the period upto March 31, 2019.

The Central Board approved revised estimate for the year 2018-19 and budget estimates for the year 2019-20 and recommended it to the Central Government for approval. The Board gave consent to have performance review of the Portfolio Managers from a separate agency in addition to review by M/s CRISIL Limited.

The Central Board took note of the proposal for recommendation for grant of exemption to six establishments under Section 17(2) of the EPF&MP Act, 1952 read with Para 27A of the EPF Scheme, 1952 by the Appropriate Government . The Board took note of the proposal for recommendation for grant of exemption under Section 17(2) of the EPF & MP Act 1952 read with Para 27A of the EPF Scheme,1952 to M/s Software Technology Parks of India with effect from June 05, 1994 by the Appropriate Government.

8.55% ‘PF Interest Rate’ notified by EPFO for FY 2017-18

The EPFO has notified 8.55% ‘PF Interest Rate’ for the Financial Year (FY) 2017-18, in line with approval of the Ministry of Labour & Employment, Govt. of India, for crediting interest in the account of respective subscribers/ members. It may be noted that Govt. concurrence/ vetting was held up due to Karnataka Elections/ Model Code of Conduct.

PF Interest Rate @8.55% for FY 2017-18: EPFO Circular dt. 25 May 2018

Earlier, on 21st Feb. 2018, the Central Board of Trustees (CBT) of EPFO had recommended PF Interest Rate of 8.55% for FY 2017-18 (as compared to 8.65% for FY 2016-17).

Mostly people are concerned with the issue as to ‘when epf interest will be credited for FY 2017-18‘? In this regard, it may be noted that first the CBT of EPFO recommends PF Interest Rate to the Govt. based on ROI as per the prescribed investment pattern and then final decision is taken by the Central Govt. So formal procedure for crediting interest for FY 2017-18 has been completed and its expected that EPFO will soon credit the PF Interest to respective member’s account in due course.

Further, the process for determination of PF Interest Rate for FY 2018-19 is likely to start by Jan. 2019.

8.65% ‘PF Interest Rate’ notified by EPFO for FY 2016-17

PF Interest Rate for the FY 2016-17 has been notified at 8.65% by the EPFO, as under:

EPFO Circular dt 27 Apr 2017 reg. Declaration of PF Interest Rate FY 2016-17

8.80% PF Interest Rate notified by EPFO for FY 2015-16

PF Interest Rate for the FY 2015-16 has been notified at 8.8% by the EPFO, as under:

EPFO Circular dt 25 May 2016 reg. Declaration of PF Interest Rate FY 2015-16

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Interest Rates for Small Savings (NSC, PPF, KVP, SSAS, SCSS, etc.)

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  1. sudarsan panda
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