EPF Interest Rate 2017, Finance Ministry has approved 8.65% of EPF Interest Rate for the Financial Year 2016-17. EPFO Interest rate for the fiscal year 2016-17.
Recently, the Labour Minister Bandaru Dattatreya confirmed this news on Thursday. The move is expected to benefit an estimated 4 crore registered members of the Employee Provident Fund (EPF).
This official confirmation will now make it possible for the Employee Provident Fund Organisation (EPFO) to credit the interest into accounts of those 4 crore registered members.
The initial approval for the 8.65 per cent EPF rate was consented to by the EPFO in December 2016.
The Finance Ministry had pushed the Labour ministry to lower down the EPF rate in order to bring the rate at par with other schemes such as the Public Provident Fund (PPF).
Minister Dattatreya is reported as saying that there would be a surplus of Rs 158 crore on providing 8.65 per cent interest rate to members of EPFO.
It may be added that the Finance Ministry had in the previous fiscal i.e. 2015-16 tried to reduce the then EPF rate of 8.8 per cent to 8.7 per cent, as approved by the Central Board of Trustees (CBT). However, the decision was scrapped as it had not fallen through with any of the concerned stakeholders.
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