Retirement fund body Employees’ Provident Fund Organisation (EPFO) has increased the PF interest rate to 8.8 per cent for 2015-16 financial year. The government has increased interest rates on the provident fund (PF) to 8.8 per cent for the ongoing financial year ended March 2016 from 8.75 per cent.
The EPFO has decided to hike the interest rate after it was approved by the Union Labour Minister Bandaru Dattatreya recently. It was learnt that EPFO Finance Audit and Investment committee (FAIC) had early recommended 8.95 percent interest on PF deposits for the current fiscal. But it was brought down to 8.8 %.
EPFO’s apex decision making body – Central Board of Trustees (CBT) because it provides rate of return from its own income without any assistance from the government. EPFO provides the rate of interest from its earnings on investment informal sector workers’ fund without any assistance from the government.
So lets discuss some questions related to this post which can be asked in the upcoming exams :
1.Expand the term EPFO.
2. What is the increase in PF % ?
3. Expand the term FAIC.
4. Expand the term CBT.