Finance Ministry approves EPF rate as 8.65 percent
Posted on: 20/Apr/2017 3:35:51 PM
According to an announcement by the Labour Minister Bandaru Dattatreya, for the financial year 2016-17, the Finance Ministry has agreed for interest rate for Employees Provident Fund as 8.65 percent.
With this ratification by the EPF, the Employees’ Provident Fund Organization shall henceforth credit the 8.65 percent rate of return for all its 4 crore subscribers’ accounts.
The minister, in his statement, said that the Finance Ministry has approved to this rate of interest and that official announcement is likely soon. All formal discussions are now over, he points. An immediate notification will be made and over 4 crore subscribers will get the rate of interest credited.
It was in December last year that the Employees’ Provident Fund Organization had ratified interest rate as 8.65 percent.
The Finance Ministry has long since been requesting the Labour Ministry to reduce EPF so that it is on par with small savings scheme interest rate.
