PF deposits News

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.

Subscribers of retirement fund body EPFO can now withdrawal money from their PF account using one common form and will not be required to file documents like marriage invitation cards for taking advances.

Labour Minister Bandaru Dattatreya on Tuesday said 8.65 percent interest rate on EPF deposits for this fiscal will soon be ratified by the Finance Ministry and there is no difference of opinion on the issue.  

Retirement fund body EPFO on Monday fixed 8.65 percent rate of interest on EPF deposits for the current fiscal for its over four crore subscribers.    

Moving a step closer to online settlement of PF withdrawal claims, retirement fund body EPFO have allowed its subscribers to file their applications directly to the body without employers' attestation.

Retirement fund body EPFO has tightened norms on withdrawal of provident fund as well investment of such amount in Varishtha Pension Bima Yojana for its over five crore subscribers.

Know the rate of interest on PF deposits since 1952.

In an effort to bring cheers to its more than 6 crore subscribers, retirement fund body EPFO on Tuesday announced to hike interest rate on PF deposits to 8.8 percent for this fiscal, which is higher compared to 8.75 percent provided in previous two fiscals.

The unions have decided to oppose any proposal to retain the existing rate of 8.75 percent for the current fiscal along with a uniform bonus of Rs 200 to all subscribers at meeting of the EPFO's trustees on February 16.

Retirement fund body EPFO is likely to fix higher interest on PF deposits for 2015-16 than 8.75 percent provided in last two fiscals, in the retirement fund body's trustees' meeting in January, Labour Minister Bandaru Dattatreya said Wednesday.

The income projections for the current fiscal suggest that the retirement fund body EPFO can pay rate of interest which is slightly higher than 8.75 percent provided in 2013-14 and 2014-15.

The Finance Ministry, however, wants EPFO to retain the existing interest rate of 8.75 percent for FY 2015-16.

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.

Retirement body EPFO's trustees are likely to consider and approve a proposal to fix rate of interest on PF deposits for over five crore subscribers for the current fiscal in their meeting scheduled on November 24.

Retirement fund body EPFO is likely to take a decision early next month on interest rate on PF deposits of its over six crore subscribers for 2015-16.

EPFO could not do much about expanding its investment options to maximise the returns for providing higher interest rate to its subscribers during 2014, and fresh attempts can be made in the new year in this regard.

The government on Thursday increased the wage ceiling for coverage under the Employees' Provident Fund Scheme from Rs 6,500 to Rs 15,000 per month.

Retirement fund body EPFO on Tuesday announced 8.75 percent rate of interest on provident fund deposits for the current fiscal, a move which would benefit its over five crore subscribers across the country.

Retirement fund body EPFO's trustees on Tuesday decided to retain interest rate on provident fund at 8.75 percent for the current fiscal (2014-15).

Retirement fund body EPFO's trustees are likely to defer Tuesday the decision on interest rate on PF deposits for 2014-15, as the proposed 8.7 percent may not be acceptable to union representatives.