No. of views : (1740)
Increase in EPF interest
Posted on: 17/Feb/2016 11:11:44 AM
The Union Minister of State for Labour and Employment Bandaru Dattatreya has said that the interim interest rate for EPF (Employees` Provident Fund) has been increased from 8.75% last year to 8.80% for 2015-16.
Speaking about this, Mr. Dattatreya said, The decision was taken at the 211th meeting of Central Board of Trustees, Employees` Provident Fund. The decision was taken in the interest of nation and EPF subscribers. The interim interest rate would be given to subscribers for available EPF principal amount of Rs 34,844 crore during 2015-2016. A total of four crore workers and 8.6 lakh employers were registered with EPF. The recommendation would be sent to the Central government after obtaining report from financial advisors and audit reports.
EPF has Rs 30,000 crore under the inoperative account category and these accounts were not in operation for the past three years. The government will not divert the amount to other purpose and efforts will be taken to disburse the amount to the EPF subscribers after allotting Universal Account Number (UAN), he said.
Post your requirement - We will connect with the right vendor or service provider
