Employees’ Provident Fund Organisation(EPFO) has lowered the rate of interest on employees provident fund to 8.55% for the year of 2017-18, from 8.65 percent in the previous fiscal.
The decision was taken at a Central Board of Trustees (CBT) meet on Thursday. The revision proposal will now be sent to the Finance Ministry for approval.
The announcement marks the second consecutive rate cut. The EPFO had announced 8.65% interest for 2016-17 and in 2015-16 it was fixed at 8.8%.
The EPFO had announced 8.65% interest on for 2016-17 and in 2015-16 it was fixed at 8.8%.
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