The Employees’ Provident Fund Organisation (EPFO), India’s retirement fund manager, has cut the interest rate it pays to more than 50 million subscribers to 8.55% for the year to 31 March, the lowest in five years.
The labour ministry-controlled retirement fund manager had paid 8.65% the previous year.
The cut, announced after a meeting of the central board of trustees (CBT) on Wednesday, was the best the body could offer in the “current uncertain” market conditions, labour secretary M. Sathiyavathy said.
