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A minimum of 12% of an employee's base salary and performance wages must be deducted as provident fund contributions, with the employer contributing another 12%.
Updated Jan 01, 2021 | 14:34 IST
In September 2020, EPFO had decided to split the 8.5% interest into two installments of 8.15% and 0.35% at its trustees meet, headed by labour minister Santosh Gangwar. EPFO begins crediting 8.5% interest for 2019-20. Here s how you can check EPF balance
New Delhi: Instead of two tranches as proposed earlier, Employees Provident Fund Organisation (EPFO) has started crediting 8.5% interest on the accumulated corpus of around six crore subscribers at one go from Thursday itself. The interest rate of 8.5% on PF deposits is the lowest in seven years. This is 15-basis points lower than the 8.65% interest announced for 2018-19.
“We had said that it would be our endeavour to provide 8.5% rate of interest on EPF for 2019-20. We have issued a notification to provide the same. We have also begun the process to credit the said rate of interest into subscribers account,” said labour minister Santosh Gangwar in a video message