Provident Fund Interest Reduced to 8.55% for 2017-18

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    Employees' Provident Fund Organisation (EPFO), the body responsible for Employee's Provident Fund (EPF) in India cut down its interest rate from 8.65% in 2016-17 to 8.55% from 2017-18 in its trustees meeting today.

    Provident Fund Interest Reduced to 8.55% for 2017-18

    "It is difficult to evaluate about future in view of present economic scenario. We paid 8.65 percent last fiscal, which left a surplus of Rs 695 crore. This year, we have decided to recommend 8.55 percent for 2017-18, which will leave a surplus of Rs 586 crore," Labour Minister Santosh Gangwar told PTI reporters.

    The new rate will be applicable to EPFO's 6 crore subscribers for 2017-18 after the proposal is reviewed by the finance ministry.

    Minister Gangwar hopes that trade unions agree to this decision and also said that EPFO had liquidated its Exchange Traded Funds (ETFs) to be able to provide the proposed 8.55% interest.

    Also Read: How to Check EPF Balance Using UMANG App?

    Inputs from PTI

    Read more about: epf epfo provident fund
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more