• Contact Us
  • Privacy Policy
  • Cookie Privacy Policy
  • DMCA
  • Terms of Use
Monday, April 12, 2021
NEW EXPRESS NEWS
  • HOME
  • US NEWS
  • INDIA
  • EUROPE
  • WORLD
  • GULF NEWS
  • BUSINESS
  • HEALTH
  • RELIGIOUS
  • SPORTS
  • TECHNOLOGY
  • LIFESTYLE
No Result
View All Result
  • HOME
  • US NEWS
  • INDIA
  • EUROPE
  • WORLD
  • GULF NEWS
  • BUSINESS
  • HEALTH
  • RELIGIOUS
  • SPORTS
  • TECHNOLOGY
  • LIFESTYLE
No Result
View All Result
NEW EXPRESS NEWS
No Result
View All Result

EPFO Alert! Govt to retain 8.65 pc interest rate on EPF deposits; 6 crore members to benefit

by NEWS DESK
March 1, 2020
in BUSINESS
0 0
0
0
SHARES
3
VIEWS
ShareShareShareShareShare

EPFO Alert! Govt to retain 8.65 pc interest rate on EPF deposits; 6 crore members to benefit

EPFO Alert! Govt to retain 8.65 pc interest rate on EPF deposits; 6 crore members to benefit

The labour ministry is keen to retain an interest rate of 8.65 per cent paid on provident fund deposits to around six crore subscribers of retirement fund body EPFO for the current financial year, a source said. The apex decision-making body of Employees' Provident Fund Organisation (EPFO) — Central Board of Trustees — is likely to consider the rate of interest on EPF (Employees' Provident Fund) deposits in its meeting scheduled on March 5, 2020.

"The proposal to provide interest rate on EPF deposits for 2019-20 may come up for consideration and approval in the Central Board of Trustees (CBT) meeting on March 5," a source said The source further said that the ministry is keen to retain the interest rate at 8.65 per cent, as was provided in the financial year 2018-19.

Speculations are rife that the interest rate on EPF may be lowered to 8.5 per cent for the current fiscal, a tad lower than 8.65 per cent provided for 2018-19 According to the source, the agenda for the CBT meeting has not yet been finalised and it is difficult to predict EPFO's income projections for the current fiscal, which will be the basis for fixing the interest rate.

The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes The labour ministry requires the finance ministry's concurrence to provide a rate of interest on EPF deposits in a fiscal year. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16 It had provided 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

Previous Post

AGR Dues: ‘Test checks’ on AGR-hit telcos’ dues assessment may start this week: DoT sources

Next Post

Indian-Origin UK Home Secretary Urged To React To Bullying Claims: Report

Related Posts

BUSINESS

IMF Innovative India capture all segments financial market fuel growth

April 12, 2021
1
BUSINESS

Sensex nosedives points early trade Nifty tests bse nse benchmark

April 12, 2021
1
BUSINESS

SBI zero balance account Rs 300 crore collection state bank savings accounts excessive charges sbi bank latest news

April 11, 2021
3
BUSINESS

FDI limit hike pension sector 74 percent monsoon session Bill likely

April 11, 2021
4
BUSINESS

Shriram Properties files draft papers with Sebi to launch Rs 800 cr IPO

April 10, 2021
5
BUSINESS

McDonald’s India to operate 24/7 for contactless McDelivery in Mumbai

April 9, 2021
3
Next Post

Indian-Origin UK Home Secretary Urged To React To Bullying Claims: Report

Browse by Category

  • BUSINESS
  • EDUCATION
  • EUROPE
  • GULF NEWS
  • HEALTH
  • INDIA
  • LIFESTYLE
  • NEWS
  • RELIGIOUS
  • SCIENCE
  • SPORTS
  • TECHNOLOGY
  • Uncategorized
  • US NEWS
  • WORLD
NEW EXPRESS NEWS

Follow Us

  • MALAYALAM NEWS

© 2020 NEW EXPRESS NEWS

  • HOME
  • US NEWS
  • INDIA
  • EUROPE
  • WORLD
  • GULF NEWS
  • BUSINESS
  • HEALTH
  • RELIGIOUS
  • SPORTS
  • TECHNOLOGY
  • LIFESTYLE

© 2020 NEW EXPRESS NEWS

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In