Business

EPFO lowers interest rate to 8.55 percent; know more

decision came about after the Employees' Provident Fund Organisation's (EPFO) trustees meet

EPFO lowers interest rate to 8.55 percent; know more

In a major decision, the retirement fund body EPFO lowered the rate of interest on employees provident fund to 8.55 per cent for its over 6-crore subscribers for 2017-18, from 8.65 per cent in the previous fiscal.

The reason cited for this decision was the economic scenario.

Labour Minister Santosh Gangwar said that while a 8.65 per cent was paid last fiscal, which left a surplus of Rs 695 crore, this year the decision has been to recommend 8.55 per cent for 2017-18 to leave behind a surplus of Rs 586 crore.

The decision came about after the Employees’ Provident Fund Organisation’s (EPFO) trustees meet.

Gangwar, who also heads EPFO’s apex decision making body Central Board of Trustees (CBT), said he expects the finance ministry to give approval to the 8.55 per cent rate of interest.

After the CBT’s decision on interest rate, the proposal is vetted by the finance ministry.

He said the EPFO received 8 per cent returns on its bond investments but it is able to pay 8.55 per cent rate because it has sold some of its investments in ETFs.

At present, all those units employing 20 or more employees are mandatorily covered under the social security schemes run by the EPFO.

He expressed hopes that reduction in employees threshold could help increase the EPFO subscribers’ base from existing 6 crore to even 9 crore.

On this occasion, the minister also launched the EPFO’s UAN-AADHAAR linking facility for the convenience of the members using EPFO link in UMANG mobile application.

Summary
Review Date
Reviewed Item
EPFO lowers interest rate to 8.55 percent; know more
Author Rating
51star1star1star1star1star
Opinion Poll
With assembly election ahead With assembly election ahead, well known Digital Media platform clipper28.com has decided to gauge the mood of Chhattisgarh through its own opinion poll. As an aware voter and stakeholder of the democratic process, kindly do answer the following questions so that prevailing mood of state can be ascertained.
Name
Age
Assembly Segment
Phone Number
Which party will emerge as the single largest party?
Which party will win how many seats?
Whom would you like to see as next Chhattisgarh Chief Minister?
Have you witnessed development work in your area?
Do you think that farmers of Chhattisgarh are satisfied with BJP government?
Do you think youngsters are happy with employment scenario created by Chhattisgarh/state government?
Do you think state government has done enough on issue of women empowerment?
Are you satisfied with work done by your legislator? Have electoral promises been fulfilled or not?
Are you satisfied with the amenities provided by the government in your area?
Do you think the state government has successfully tackled naxal menace?
Are you satisfied with work done by different state Ministers?

Please do vote...

ओपिनियन पोल
छत्तीसगढ़ की आगामी विधानसभा चुनाव के लिए डिजिटल मीडिया ‘clipper28.com’ नेसटीक ओपिनियन पोल करनेका निश्चय किया है. अतः आप नीचे दिए सवालों के निष्पक्ष जवाब देंताकि राज्य की आने वाले दिनों की सही सियासी तस्वीर सामनेआ सके. कृपया अपना मत जरूर दें- With assembly election ahead
नाम
विधानसभा क्षेत्र
आयु
फ़ोन नं
विधानसभा चुनाव में सबसे बड़ी पार्टी कौन सी होगी ?
किस पार्टी को कितनी सीटें मिलेगी?
अगले मुख्यमंत्री के रूप में किसे देखना चाहेंगे?
क्या आपके क्षेत्र में विकास दिखाई पड़ रहा है?
क्या छत्तीसगढ़ का किसान भाजपा शासन से संतुष्ट है?
जो रोजगार छत्तीसगढ़ सरकार ने दिया, क्या उससे युवा वर्ग संतुष्ट है?
राज्य सरकार ने महिलाओं के सशक्तिकरण के लिए जो किया, उससे महिलाएं संतुष्ट हैं?
क्या आप अपने विधायक से संतुष्ट हैं? उन्होंने अपने वादे पूरे किए या अधूरे हैं उनके काम?
क्या आप अपने क्षेत्र की सरकारी सुविधाओं सेसंतुष्ट हैं?
क्या नक्सली समस्या पर नियंत्रण हुआ है?
क्या प्रदेश के मंत्रियों के कामकाज से संतुष्ट हैं?
-देश हित के लिए मतदान अवश्य करें-
Tags

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.