Govt hikes EPF interest rate to 8.65% for 2018-19

Provisions extension to Standard Chartered Bank as custodian of the EPFO securities

The 224th meeting of the Central Board of Trustees, EPF was held on 21 February 2019 under the chairmanship of Union Minister of State for Labour and Employment (I/C) 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 12 February 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 Standard Chartered Bank as custodian of the EPFO securities on the existing terms and conditions of agreement for the period upto 31 March 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 CRISIL.

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