Govt likely to notify 8.55% interest on PF for FY18 this week

By PTI  
Sunday, May 6, 2018

New Delhi, May 6 (PTI) The labour ministry is likely to notify this week the 5-year low 8.55 per cent interest on PF for 2017-18, paving the way for retirement fund body EPFO to credit returns into the accounts of around 5 crore subscribers.

The finance ministry has ratified 8.55 per cent rate of interest on EPF for last fiscal.

"The labour ministry has sought Election Commissions approval to notify rate of interest for crediting the same into members accounts by the EPFO in view of model code of conduct for Karnataka elections," a source said.

"The nod is expected anytime this week to provide 8.55 per cent rate of interest to the EPFO subscribers," the source said.

The recommendation on the rate of interest by the Central Board of Trustees, the apex decision making body of Employees Provident Fund Organisation(EPFO), is sent to the finance ministry for its concurrence.

Once ratified, the labour ministry notifies the rate of interest and the EPFO credits the return for the particular year into its members account.

The CBT, headed by the labour minister, had decided to fix 8.55 per cent rate of interest for last fiscal in its meeting held on February 21, 2018.

It could not be implemented for the want of finance ministrys concurrence and was further delayed due to the model code of conduct for Karnataka elections on May 12.

EPFO had provided 8.65 per cent interest for 2016-17. The members got 8.8 per cent in 2015-16 and 8.75 per cent each in 2013-14 and 2014-15. In 2012-13, EPFO had provided 8.5 per cent rate of interest on EPF. Thus, at 8.55 per cent for 2017-18, it is a five year low. PTI KKS SA SA

Related Stories

People at Assam's Kalabari bid teary farewell to CRPF head constable killed in Pulwama
People at Assam's Kalabari bid teary farewell to CRPF head constable killed in Pulwama
Mob smashes TMC MLA's vehicle, legislator seeks refuge in police station
Mob smashes TMC MLA's vehicle, legislator seeks refuge in police station
Hours after demanding UP CM visit family, slain CRPF jawan's wife agrees to perform last rites
Hours after demanding UP CM visit family, slain CRPF jawan's wife agrees to perform last rites

Latest Stories

AAI receives 32 technical bids from 10 companies for privatisation of six airports
AAI receives 32 technical bids from 10 companies for privatisation of six airports
Navjot Singh Sidhu sacked from The Kapil Sharma Show after his comments on Pulwama attack
Navjot Singh Sidhu sacked from The Kapil Sharma Show after his comments on Pulwama attack
Cognizant to pay $25 million to settle India bribery charges
Cognizant to pay $25 million to settle India bribery charges
SPONSORED