SME Times is powered by   
Search News
Just in:   • GST impact: Customers benefit as retailers get busy clearing stocks  • Starting at Rs 32,999, much-awaited OnePlus 5 now in India  • Equity markets close on a flat note  • Snapchat launches location sharing 'Snap Map' feature  • Darjeeling shutdown hits tea industry's production, revenue 
Last updated: 20 Dec, 2016  

Up.Down.Arrow.9.Thmb.jpg EPFO cuts interest rate to 8.65 percent

epfo.jpg
   Top Stories
» Nasscom lowers IT export growth to 7-8 pc in 2017-18
» Exporters meet Commerce Secy ahead of mid-term review of FTP
» Russia can take lead in Make in India for defence: Jaitley
» All states pass SGST Act, except J&K
» GST: Govt launches portal to facilitate IT, electronic goods taxpayers
SME Times News Bureau | 20 Dec, 2016
The Employees' Provident Fund Organisation on Monday lowered the interest rate on deposits to 8.65 per cent for fiscal 2016-17 from 8.8 per cent in 2015-16, said a member of its apex board of trustees.

"The Central Board of Trustees (CBT) has take a decision to reduce theAinterest rate on EPFO's deposits to 8.65 per cent as per the guidelines of the Comptroller Audit General (CAG), which objected to 8.8 per cent interest rate," CBT member and INTUC Vice President Ashok Singh told IANS after the meeting here.

Admitting that the trade union leaders and cadres were not happy with the board's decision to lower the interest rate on their savings, Singh said they would appeal to the Finance Ministry to retain the rate given in the last fiscal.

"We have conveyed to the board chairman (Union Labour and Employment Minister Bandaru Dattatreya) our unhappiness on lowering the interest rate by 0.15 per cent, which has been calculated on the basis of the CAG guidelines.

"The CAG has observed that interest earned on the retirement fund (EPF) cannot be considered as income to retain the interest rate on its deposits at 8.8 per cent," he said.

The retirement fund will recommend the lower interest rate to the finance ministry for notification soon.

The 215th meeting of the CBT was attended by all the trustee members, representing the employees, employers, state government and officials of the Labour and Finance Ministries.

There are 17 crore (170 million) EPF subscribers' accounts.

The board also adopted the 63rd annual report of the EPFO for fiscal 2015-16.

"Interest income from provident fund investments has been estimated on the basis of interest income received/receivable in this fiscal, including surplus from previous year of Rs 410 crore," said the ministry in a statement later.

Last fiscal's income included a surplus from previous year of Rs.1,604 crore.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.15
63.50
UK Pound
83.40
80.60
Euro
73.45
70.95
Japanese Yen 59.75 57.70
As on 22 Jun, 2017
  Daily Poll
Should Govt tax farm income above certain level?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(26)
» Poor state of state finances(13)
» GST Council lowers rates on 66 items, relief to SMEs(2)
» Ved Infratech Launches New Project in Kanjurmarg(1)
» DGFT sets up GST facilitation cell for exporters(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter