Diabytes
EPF rate News
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The Employees' Provident Fund Organisation (EPFO) is likely to cut interest rate on the grounds that it is directly crediting exchange trade funds (ETF) units into provident fund accounts and lower yields on other investments, particularly bonds.
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The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 percent rate of interest on employees' provident fund for 2016-17, which will benefit over four crore EPFO members.
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This is the third rollback on EPF. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals.
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In yet another roll back, Finance Ministry has retracted its earlier decision of lowering the EPF interest rate for 2015-16, and agreed to return to 8.8 percent as earlier.
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