The Finance Ministry have permitted the Labour Ministry to go ahead with 8.65% rate of interest on Employees’ Provident Fund (EPF) for 2016-17, which will benefit over four crore EPFO members.
The Central Board of Trustees (CBT) had decided to provide 8.65% interest on EPF deposits for 2016-17 in December, 2016. But the finance ministry had not approved the same at that time and asked the EPFO to reduce it by up to 50 basis points to avoid any deficit. Now the approval has been given by Finance Ministry for the same.
Takeaways from above News-
- Finance Ministry approved 8.65% interest rate on EPF
- Employees Provident Fund Organization is full form of EPFO
- Arun Jaitley is the Finance Minister of India
- Central Provident Fund Commissioner (CPFO) of EPFO is D.R. V.P. Joy
- EPFO head office is in New Delhi.
If you have any other takeaways, do share with us in the comment section