EPF interest likely to be down this fiscal
Over 4 crore EPFO subscribers may get a lower interest at a rate of 8.6% on their PF deposits for current financial year as the Labour Ministry is expected to toe the Finance Ministry line to cut the rate.
By : migrator
Update: 2016-09-11 15:46 GMT
New Delhi
Employees Provident Fund Organisation (EPFO) had provided 8.8% rate of interest on EPF deposits for 2015-16 despite Finance Ministry’s ratification for 8.7%.
“Finance Ministry has been nudging Labour Ministry to keep interest rate in line with other small savings schemes administered by it. There is a broad consensus between the two ministries to fix 8.6% interest for this fiscal,” said a source.
EPFO has not worked out the income projection for the current fiscal. The Central Board of Trustees EPFO’s decision making body, takes a call on interest rate on the basis of income projection.
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