Diabytes
EPFO interest rate News
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Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over six crore subscribers.
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EPFO issued directions to field offices to credit the interest income at 8.5 per cent for 2020-21 into the subscribers' account.
EPFO provides the rate of interest only after it is ratified by the government through the finance ministry.
In March 2020, EPFO had lowered interest rate on provident fund.
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Labour Minister Santosh Gangwar said that the decision to provide higher interest for subscribers for the current fiscal was approved by all members of the Central Board of Trustees of EPFO.
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The Central Board of Trustees headed by Labour Minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.
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The Finance Ministry, however, wants EPFO to retain the existing interest rate of 8.75 percent for FY 2015-16.
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Retirement fund body EPFO is likely to increase the interest rate on PF deposits for 2015-16, from 8.75 percent fixed for the last two financial years, during its trustees' meet Wednesday.
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Retirement fund body EPFO is likely to provide nine percent rate of interest on PF deposits for the current fiscal to its over five crore subscribers, slightly higher than 8.75 percent paid in 2013-14.
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