NEW DELHI, Jan. 10 -- Millions of salaried workers may soon get lower returns on their mandatory investment for the fiscal ending 31 March. The Employees' Provident Fund Organisation (EPFO) is likely to reduce the interest rate offered to its subscribers by 15-25 basis points for this fiscal, two government officials said on condition of anonymity. A basis point is one-hundredth of a percentage point.
This comes in the wake of EPFO offering its subscribers an interest of 8.65% in the 2018-19 fiscal after taking seven months to convince the finance ministry of the viability of its proposal.
The decision also comes against the backdrop of the economic downturn, lower yields for debt market instruments, including government securities, and f...