New Delhi, May 31: In a move that will affect approximately 3 crore workers in India, the Central Board of Trustees today decided to slash the interest on Employees’ Provident Fund(EPF) by 50 basis points. The EPF rate that stood at 9.5 % would now be 9%.
However to soften the blow on lakhs of workers, the board has also announced that a 0.5% additional interest amount would be given as ex-gratia payment for this fiscal. So for at least FY 2003-2004, the interest payment would de facto remain the same. The ex-gratia would be phased out next year. Bureau Report