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EPF interest likely to be down this fiscal
Over 4 crore EPFO subscribers may get a lower interest at a rate of 8.6% on their PF deposits for current financial year as the Labour Ministry is expected to toe the Finance Ministry line to cut the rate.
By
migrator
migrator
New Delhi
Employees Provident Fund Organisation (EPFO) had provided 8.8% rate of interest on EPF deposits for 2015-16 despite Finance Ministry’s ratification for 8.7%.
“Finance Ministry has been nudging Labour Ministry to keep interest rate in line with other small savings schemes administered by it. There is a broad consensus between the two ministries to fix 8.6% interest for this fiscal,” said a source.
EPFO has not worked out the income projection for the current fiscal. The Central Board of Trustees EPFO’s decision making body, takes a call on interest rate on the basis of income projection.
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