interest rate raised for 60 million subscribers to 8.65% for 2018-19

The Employees’ Provident Fund Organisation (EPFO),

the retirement fund manager under the union labour ministry,

raised on Thursday interest rate on deposits for its 60 million subscribers

to 8.65% for 2018-19, paring its reserves to the lowest level in three years.

This is a 10 basis point increase from the 8.55% EPF interest rate 

announced by the retirement fund for 2017-18. It is the same as

in 2016-17 but less than the 8.8% paid out in the previous years.

One basis point is one-hundredth of a percentage point.