The move will affect around 6 crore subscribers and leave EPFO with a surplus of Rs 586 crore against Rs 695 crore in the previous financial year. The decision is significant as the labour ministry estimates that it would add another 3 crore to its subscriber base.
- The finance ministry had recently lowered interest rate on General Provident Fund (GPF) and Public Provident Fund (PPF) to 7.6%.
- EPFO Chairman- M. Sathiyavathy, Headoffice- New Delhi.
- Santosh Kumar Gangwar- Minister of State (I/C) of the Ministry of Labour and Employment.