Bad news for salaried employees, EPFO reduced interest rates
NEW DELHI: Employees’ Provident Fund Organization (EPFO) has reduced interest rates on PF to 8.55% for the year 2017-2018. Earlier this was 8.65% in the financial year.
“It is difficult to evaluate the present economic scenario and it is difficult to evaluate the future,” Santosh told the meeting of EPFO’s trustees on Wednesday. We gave 8.65% interest on last year. Then there was an increase of Rs 695 crore. This year we have recommended 8.55% interest for 2017-18, which will save more than Rs 586 crores. ‘
More than six crore employees of the country are affiliated with the EPFO. The central decision-making body of the EPFO’s top decision-making body, which is headed by the Labor Minister.
After the CBT decisions for interest rates on the EPFO, the finance ministry confirms it. Interest amount is deposited in the accounts of the finance funding department.
On Thursday, hope has been expressed that labor consolidation will be compounded by the interest rate of 8.55%, with the determination of the payment. The labor minister said that the EPFO has to sell a part of its investment in the exchange traded fad due to the reimbursement of the amount to pay interest at 8.55% during the current financial yea
