 "EPFO, PF, Provident fund, savings")
The Employees' Provident Fund Organisation (EPFO) is likely to reduce the interest rate to 8.1 per cent for FY20, CNBC-TV18 reported on Friday. The interest rate stands at 8.5 per cent now.
A rate cult would lower the payout on retirement savings of over 60 million EPFO subscribers, reported the Economic Times. The Finance, Investment and Audit Committee (FIAC) is likely to meet to assess the ability to pay the declared interest.
Meanwhile, the 8.5 per cent interest rate, which was declared in March this year is yet to be approved by the Finance Ministry following which the Labour Ministry
