EPFO Cuts Interest Rate from 8.8 percent to 8.65 percent
Posted on:20 Dec 2016 09:46:24
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20 December 2016 Current Affairs: Keeping in line with falling interest rates, organised sector workers will earn 8.65% on their provident fund savings this year.
This follows a decision by the apex decision-making body of the Employees Provident Fund Organisation (EPFO) to reduce interest rate on provident fund deposits to 8.65% for 2016-17 from the current 8.8%.
Although union representatives on the EPFO board of trustees sought for the rate to be retained at last year's level, the agency opted otherwise. The move is in line with the falling rate regime with the RBI cutting key lending rates and banks reducing deposit rates following the demonetisation move last month.
Taking into account relevant factors, the Central Board (of Trustees) decided to recommend 8.65% interest to its subscribers for 2016-17. Roughly 17 crore subscribers' accounts will be updated with this interest rate upon acceptance by the government, labour ministry officials said after the 215th meet of the Central Board of Trustees (CBT), the EPFO's decision making body. The rates need to be notified by the labour ministry, which will look at the projected earnings and expenditure of the EPFO for the current financial year.
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