SME Times News Bureau | 20 Feb, 2018
In a blow to government employees, the Employees Provident Fund
Organisation (EPFO) on Wednesday decided to lower the interest rate on
provident fund deposits to 8.55 per cent from the existing 8.65 per
cent.
The rate cut decision for the fiscal 2017-18 was taken at
the meeting of the Central Board of Trustees of the EPFO, sources said.
In the last fiscal, the EPFO had cut the rate to 8.65 per cent from 8.8 per cent in 2015-16.
The
latest rate cut comes amid reports that the EPFO sold a portion of its
investments in the exchange-traded funds (ETF) worth Rs 2,886 crore
earlier this month. That had given rise to hopes that the retirement
body, which has some five crore members, will retain the interest rate.
