Big gift of Modi government on PM's birthday, 6 crore people will get direct benefit

Sep 17 2019 04:08 PM
Big gift of Modi government on PM's birthday, 6 crore people will get direct benefit

New Delhi: PM Narendra Modi has turned 69 today, ie on 17 September. In various parts of the country, fans of PM Modi are celebrating this occasion. Meanwhile, the government has given a special gift to more than 6 crore people. Actually, the government has approved the proposal of increased interest rate of provident fund (PF). After this approval of the government, interest on PF will be given at the rate of 8.65 percent for the financial year 2018-19.

According to news agency PTI, Labor Minister Santosh Gangwar informed about this decision of the government on Tuesday. Santosh Gangwar said that, before the festival season, over 6 crore EPFO members will get 8.65 percent interest on the deposits for 2018-19. In fact, the Central Board of Trustees, the apex body deciding the EPFO, had approved an 8.65 percent interest rate for the previous fiscal year in February this year.

After this the proposal was sent to the Finance Ministry for approval, which has been approved. However, there were also reports in the middle that the Finance Ministry was not in favor of approving this proposal, but now all these speculations have come to an end. The interest rate on PF for 2017-18 is 8.55 percent. This rate is the lowest in five years. Earlier, the interest rate was 8.65 percent in 2016-17, 8.8 percent in 2016-17. In 2013-14 and 2014-15, 8.75 percent interest was paid to the employees. There was 8.5 percent interest rate in 2012-13.

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