NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / EPFO hikes provident fund interest rate by 0.1% to 8.65%
    Business

    EPFO hikes provident fund interest rate by 0.1% to 8.65%

    EPFO hikes provident fund interest rate by 0.1% to 8.65%
    Written by Ramya Patelkhana
    Feb 21, 2019, 06:22 pm 2 min read
    EPFO hikes provident fund interest rate by 0.1% to 8.65%

    The Employees' Provident Fund Organization (EPFO) on Thursday announced a hike of 0.1% in the interest rate on employees' provident fund (PF) deposits for FY 2018-19. After the hike by the retirement fund body, the PF interest rate will increase to 8.65% from 8.55% in FY18. As many as over 6 crore subscribers of EPFO will benefit from the interest hike. Here's more.

    CBT finalizes interest rate on employees' provident fund deposits

    The Central Board of Trustees (CBT) is the highest decision-making body of the EPFO. CBT is responsible for finalizing the interest rate on employees' provident fund deposits for a financial year. CBT is headed by Labor Minister Santosh Gangwar. After CBT's approval, the proposal needs to be approved by the Financial Ministry following which the interest is credited into the EPFO subscribers' accounts.

    Proposal will go to Finance Ministry for approval: Gangwar

    Santosh Gangwar said that all the members of the EPFO's CBT at the meeting on Thursday agreed to hike the EPF interest rate for subscribers for the current financial year. The proposal would now be sent for the Finance Ministry's approval, the Labor Minister added.

    EPFO provided five-year-low interest rate of 8.55% last fiscal

    For the last fiscal, the EPFO provided an interest rate of 8.55% - a five-year-low rate of interest - on the employees' PF deposits for FY18. The retirement fund body kept the rate at 8.65% for FY17 while the interest rate was 8.8% for FY16. It provided an interest rate of 8.75% for FY15 as well as FY14. The rate for FY13 was 8.5%.

    EPFO manages retirement savings of over Rs. 11 lakh crore

    The subscribers of EPFO contribute 12% of their basic salary every month as a mandatory EPF contribution toward a retirement corpus with a matching 12% contribution by their employees. With over 6 crore subscribers, EPFO manages retirement savings of more than Rs. 11 lakh crore.

    Move in line with the Modi government's populist announcements

    The move to hike the EPF interest rate is in line with the Narendra Modi-led government's other populist announcements, including the populist Interim Budget, ahead of the upcoming Lok Sabha elections. Demands have been made for an increase in the pension amount for EPFO subscribers after the government announced a Rs. 3,000 monthly pension scheme for workers in the unorganized sector.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    EPFO
    Santosh Gangwar
    Employees Provident Fund Organization (EPFO)

    Latest

    OTT: Ananya Panday's 'Call Me Bae' is filming now OTT releases
    Box office: 'Kabzaa' sees rise in collections Box Office
    World's first 3D-printed rocket launched but didn't reach orbit Space News
    Adam Zampa: Decoding his crunch stats versus India in ODIs  Adam Zampa

    EPFO

    Coronavirus impact: EPFO to pay 8.5% interest in two installments Employees Provident Fund Organization (EPFO)
    #TechBytes: How to withdraw PF using an app Aadhaar Card
    With reduced EPF contribution, your take-home salary will now increase Nirmala Sitharaman
    Five ways to check your Employees' Provident Fund balance India

    Santosh Gangwar

    EPFO retains 8.5% interest rate on PF deposits India
    Rajya Sabha passes 3 labor code bills amid Opposition boycott Lok Sabha
    Your Provident Fund interest rate increased to 8.65% for 2018-19 EPFO
    Enough jobs, but candidates from North-India lack skills: BJP leader India

    Employees Provident Fund Organization (EPFO)

    EPFO extends deadline for higher pension: How to apply Supreme Court Of India
    Amid pandemic, Rs. 21cr fraudulently withdrawn from Mumbai PF office Mumbai
    EPF-Aadhaar card linking now mandatory. How to do it? Aadhaar Card
    EPFO members allowed second advance withdrawal citing COVID-19 Coronavirus

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023