Headlines for jobs! Now the interest will get so much on the PF
News 18 Gujarati: The Finance Ministry has approved 8.65% interest rate for the Employee Provident Fund (EPF). This will benefit the 6 million members of the EPFO. Under the Finance Ministry, the Financial Services Department (DFS) has agreed to the EPFO's decision to provide 8.65% interest on its members to EPF for 2018-19. The Financial Services Department has approved the proposal of EPFO on the basis of the fulfillment of certain conditions related to adequate arrangement of retirement fund. The decision was taken in February - this year, the Central Board of Trustees, the chairman of EPFO's decision making body, which is headed by Labor Minister Santosh Gangwar, On 19th, the EPF decided to increase the interest rate to 8.65%.
Headlines for jobs! Now the interest will get so much on the PF
Interest rate increase after three years - EPF rate has been increased after three years. Interest rate on EPF was 8.55% in 2017-18. EPFO reduced the interest rate to 8.65% in 2016-17, which was 8.8% in 2015-16. According to the EPFO estimates, after raising the interest rate, there would be an additional burden of Rs.115.67 crore. If there is only 8.7%, then it would be worth a loss of Rs 158 crore. So, it has been fixed at 8.65 percent.
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