NEW DELHI: Retirement fund body has asked its field workplaces to credit eight.55 in step with cent interest rate for 2017-18, the lowest rate since 2012-13 fiscal, into the PF accounts of round five crore subscribers.
The Labour Ministry has conveyed approval of the central executive to credit eight.55 in step with cent interest rate for 2017-18 into PF accounts of contributors, in step with an order issued via the EPFO to its greater than 120 field workplaces.
The finance ministry had ratified eight.55 in step with cent interest rate on EPF for the ultimate fiscal. But it could not be carried out on account of style code of behavior for Karnataka elections.
The labour ministry had sought Election Commission's approval to notify interest rate for crediting the similar into contributors' accounts via the EPFO in view of style code of behavior for Karnataka elections.
The EPFO's Central Board of Trustees, headed via the labour minister, had made up our minds to fix interest rate at eight.55 in step with cent for the ultimate fiscal in its meeting hung on February 21, 2018.
The labour ministry had despatched the CBT's advice over the interest rate to the finance ministry for its concurrence.
However, it could not be carried out for want of the finance ministry's concurrence and was once additional behind schedule due to style code of behavior for Karnataka polls on May 12.
The EPFO had supplied eight.65 in step with cent pastime for 2016-17. The contributors got eight.eight in step with cent in 2015-16 and eight.75 in step with cent each in 2014-15 and 2013-14.
In 2012-13, EPFO had supplied eight.five in step with cent interest rate on EPF. Thus, at eight.55 in step with cent for 2017-18, this is a five yr low.
The Labour Ministry has conveyed approval of the central executive to credit eight.55 in step with cent interest rate for 2017-18 into PF accounts of contributors, in step with an order issued via the EPFO to its greater than 120 field workplaces.
The finance ministry had ratified eight.55 in step with cent interest rate on EPF for the ultimate fiscal. But it could not be carried out on account of style code of behavior for Karnataka elections.
The labour ministry had sought Election Commission's approval to notify interest rate for crediting the similar into contributors' accounts via the EPFO in view of style code of behavior for Karnataka elections.
The EPFO's Central Board of Trustees, headed via the labour minister, had made up our minds to fix interest rate at eight.55 in step with cent for the ultimate fiscal in its meeting hung on February 21, 2018.
The labour ministry had despatched the CBT's advice over the interest rate to the finance ministry for its concurrence.
However, it could not be carried out for want of the finance ministry's concurrence and was once additional behind schedule due to style code of behavior for Karnataka polls on May 12.
The EPFO had supplied eight.65 in step with cent pastime for 2016-17. The contributors got eight.eight in step with cent in 2015-16 and eight.75 in step with cent each in 2014-15 and 2013-14.
In 2012-13, EPFO had supplied eight.five in step with cent interest rate on EPF. Thus, at eight.55 in step with cent for 2017-18, this is a five yr low.
Government notifies 8.55% interest on PF for 2017-18, lowest in 5 years
![Government notifies 8.55% interest on PF for 2017-18, lowest in 5 years]()
Reviewed by Kailash
on
May 25, 2018
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