22 Feb, 2019 10:51a.m.

EPFO to offer 8.65%, its 1st hike in 4 years

The Employees’ Provident Fund Organisation (EPFO) board on Thursday recommended an increase in interest rate to 8.65% in the current financial year, compared with last year’s 8.55%, a move that will marginally improve the returns for six crore subscribers.

The pre-election announcement was the first increase in four years and came amid expectations that rates will be left unchanged. At a meeting, all members of Central Board of Trustees of the EPFO agreed to give higher interest to subscribers for the current year, labour minister Santosh Kumar Gangwar said.

Labour secretary Heeralal Samariya said even at this level, EPFO will have a surplus of around Rs 151 crore. The move, which will have to be endorsed by the finance ministry, comes when interest rates are falling. A higher interest rate may limit the ability of banks to lower deposit rates to remain competitive.

Whatsapp Share Button

🏠 Go to StaffCorner.com Home Page





Latest in Important News
News 🕑 05 Jul,19 1:13p.m.
Latest in Other News Sections
RBI cuts repo rates to 6.25. Loans set to get cheaper 🕑 04 Apr,19 12:42p.m.
Sree Chitra Tirunal Institute develops intravenous cancer drug 🕑 26 Mar,19 9:29p.m.
CPAO FAQ For the Beneficiaries Of NPS- Additional Relief Scheme 🕑 13 Mar,19 11:06p.m.
'One Nation One Card' mobility card launched 🕑 05 Mar,19 1:47p.m.
PFRDA working on minimum assured returns for NPS subscribers 🕑 24 Feb,19 1:58p.m.
EPFO's 8.65% interest rate for FY19 is actually equivalent to 13.5%. 🕑 24 Feb,19 11a.m.
EPFO to offer 8.65%, its 1st hike in 4 years 🕑 22 Feb,19 10:51a.m.
RBI cuts repo rate by 25bps. EMIs likely to get cheaper 🕑 07 Feb,19 1:02p.m.
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.