The Employees Provident Fund Organization (EPFO) will deposit the interest of the last financial year in the Employees Provident Fund (EPF) accounts of its nearly six crore shareholders by the end of this month.
A highly placed source said that the Labor Ministry has sent a proposal to the Finance Ministry to deposit a one-time 8.5 percent interest in EPF accounts for the financial year ending March this year.
The source said that the finance ministry's approval of this proposal is expected in a few days. In this case, the interest in the accounts of the shareholders on the same month will be credited. It was decided to pay 8.5 percent interest to its shareholders for the financial year 2019-20.
In September this year, the EPFO Board of Trustees under the leadership of Labor Minister Santosh Gangwar decided to distribute the interest in two installments. It was decided to give 8.15 percent earlier and the remaining 0.35 percent later.