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


Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.


Leave a comment

Your email address will not be published. Required fields are marked *