There is good news for over 6 crore members of the Employees Provident Fund Organization (EPFO). The government has approved the PF bar interest rate hike before the festive season. Interest will be given at the rate of 8.65 percent for the financial year 2019-19. Labour Minister Santosh Gangwar gave this information on Tuesday.

The Central Board of Trustees, the apex decision-making body for the EPFO, approved the 8.65 percent interest rate for the previous fiscal year in February this year. The proposal was then sent to the Finance Ministry for approval.

"Before the festival season, more than 6 crore EPFO ​​members will get 8.65 percent interest on deposits for 2018-19," Santosh Gangwar told the media after an event here. Presently, settlement of claims in EPFO ​​accounts is being done at an interest rate of 8.55 percent. This rate was applicable during 2017-18.

Interest received in 2017-18 is the lowest in five years. The interest rate was 8.65% in 2016-17, 8.8% in 2016-17. Employees received 8.75 percent interest in 2013-14 and 2014-15. In 2012-13, 8.5 percent interest was paid.