EPFO lowers interest rate on EPF to 8.65 percent for FY17
PrintListen to this Article
0:00
0:00
The Employees Provident Fund Organisation, EPFO has lowered the interest rate on provident fund deposits to 8 (point)65 per cent for the current fiscal, from 8 (point)8 per cent in 2015-16.
Talking to reporters in Bengaluru today, Union Minister of State for Labour and Employment Bandaru Dattatreya said, the decision was taken with consensus after detailed consultations with all stakeholders.
After the 215th meeting of EPFO's apex decision making body, the Central Board of Trustees, he said that in spite of giving 8.65 per cent interest rate, they have surplus of 269 crore rupees.
Officials said, Interest income from PF investments for 2016-17 has been estimated mainly on the basis of interest income received or
receivable in this financial year, including surplus from previous year of 410 crore rupees.
Roughly 17 crore subscribers’ accounts will be updated with this interest rate upon acceptance by the Government. #casansaar (PTI - NewsonAir)
Talking to reporters in Bengaluru today, Union Minister of State for Labour and Employment Bandaru Dattatreya said, the decision was taken with consensus after detailed consultations with all stakeholders.
After the 215th meeting of EPFO's apex decision making body, the Central Board of Trustees, he said that in spite of giving 8.65 per cent interest rate, they have surplus of 269 crore rupees.
Officials said, Interest income from PF investments for 2016-17 has been estimated mainly on the basis of interest income received or
receivable in this financial year, including surplus from previous year of 410 crore rupees.
Roughly 17 crore subscribers’ accounts will be updated with this interest rate upon acceptance by the Government. #casansaar (PTI - NewsonAir)
Category : General | Comments : 0 | Hits : 448
Also Read -
India Features in World Bank’s Top Five Rankings for Private Investment in Infrastructure
Infrastructure remains a cornerstone of India’s long-term growth framework, with public capital expenditure maintaining a consistent upward momentum since FY15. A defining development in th...
Also Read -
India's FY26 GDP Growth Projected at 7.4%, Supported by Strong Consumption and Investment Momentum
India’s economy is projected to expand by 7.4 per cent in FY26, supported by the twin drivers of consumption and investment, reinforcing its position as the world’s fastest-growing major e...
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Org...
Comments