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Govt To Notify 8.55% Return On EPF This Week For FY 2017-18
The implementation of interest rate on EPF got delayed due to a host of factors that include requirement of finance ministry's concurrence as well as model code of conduct for Karnataka elections.
The labour ministry is expected to notify five-year low interest rate of 8.55% on PF for the financial year 2017-18 this week. In the meeting held on February 21, 2018, the Central Board of Trustees decided to fix interest rates on EPF @ 8.55% for the last fiscal. With the formal notification, the EPFO will credit returns into the accounts of its subscribers.
As per the PTI report, one of the sources is quoted as saying, "The labour ministry has sought Election Commission's approval to notify rate of interest for crediting the same into members' accounts by the EPFO in view of model code of conduct for Karnataka elections". It also added, "The nod is expected anytime this week to provide 8.55 per cent rate of interest to the EPFO subscribers".
The finance ministry has given its agreement for the 8.55 per cent rate of interest on EPF for last fiscal.
After the initial decision, the implementation of the interest rates did not happen due to the requirement of Finance ministry's concurrence and got further delayed on account of model code of conduct for Karnataka elections on May 12.
Last year, the EPFO provided return of 8.65% on EPF account while in 2015-16 the subscribers got 8.8% return. In 2013-14 and 2014-15, EPF members received 8.75% returns and hence with 8.55% returns, it is a five-year low return on EPF account for 2017-18.
With PTI Inputs
