EPF rate slashed to 8.1%, lowest in over 4 decades

The Employees Provident Fund Organisation (EPFO) on Saturday proposed to lower the interest rate on retirement savings for its 6.4 crore subscribers from 8.5% to 8.1%, the lowest since 1977-78. The payout, which will have to be confirmed by the finance ministry, is in line with the agency’s earnings and will leave it with a surplus of Rs 450 crore during the financial year.

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