EPFO Cuts Interest Rate to 8.55% for 2017-18

Retirement fund body Employees’ Provident Fund Organisation (EPFO) has reduced the interest rate on deposits to 8.55% for 2017-18 from 8.65% for 2016-17 following a general decline in interest rates.

PC- The Economic Times

The move will affect around 6 crore subscribers and leave EPFO with a surplus of Rs 586 crore against Rs 695 crore in the previous financial year. The decision is significant as the labour ministry estimates that it would add another 3 crore to its subscriber base. 

Static/Current Takeaways Important for Syndicate Bank PO 2018 Exam-
  • The finance ministry had recently lowered interest rate on General Provident Fund (GPF) and Public Provident Fund (PPF) to 7.6%.
  • EPFO Chairman- M. Sathiyavathy, Headoffice- New Delhi.
  • Santosh Kumar Gangwar- Minister of State (I/C) of the Ministry of Labour and Employment.
Source- The Economic Times