8.65 pc interest on EPF to be notified soon: Gangwar

The labour ministry will soon notify 8.65 per cent rate of interest on Employees' Provident Fund (EPF) for 2018-19 as the finance ministry does not disagree on this rate, said Labour Minister Santosh Gangwar on Friday.

A notification by the labour ministry is required regarding the interest rate for crediting the interest amount into accounts of over 6 crore subscribers.

Besides, it would enable retirement fund body Employees' Provident Fund Organisation (EPFO) to settle on withdrawal claims on this rate. Now, the EPFO is paying an interest rate of 8.55 per cent for 2018-19 under PF withdrawal claims. The 8.55 per cent interest rate on PF deposits was fixed for 2017-18.

"The finance ministry does not disagree with 8.65 per cent interest on EPF for 2018-19. I believe that it will soon be notified," Gangwar told reporters on the sidelines of a conference on private security guards at FICCI here.

Meanwhile, FICCI Committee on Private Security Industry chair Rituraj Sinha said that amid the current slowdown, private security continues to grow and create jobs. "Assurance from senior ministers to resolve issues related with GST, Code on Wages, Credit Access for smaller companies and enabling rather than enforcing compliance to labour reforms is reassuring."