Finance Ministry approves 8.7 percent on PF deposits

Q.  Finance Ministry has approved 8.7 percent on PF deposits for over 5 crore subscribers of retirement body EPFO. What is the rate prescribed by CBT?
- Published on 26 Apr 16

a. 8.6
b. 8.7
c. 8.8
d. 8.9

ANSWER: 8.8
 
Finance Ministry has approved 8.7 percent interest on PF deposits for close to 5 crore subscribers of retirement body EPFO lower than 8.8 percent decided by the Central Board of Trustees. EPFO’s apex decision making body at this meeting has proposed an interim rate of interest at 8.8 percent to be credited to accounts of EPF subscribers for 2015-2016. Ministry of Finance has ratified interest rate of 8.7 percent marking the first time that Finance Ministry has not given concurrence to rate of interest on EPF as decided by CBT led by labour minister.
  • EPFO has provided 8.75 percent rate of interest in 2013-2014 and 2014-2015. This was higher than 8.5 percent in 2012 and 8.25 percent in 2011
  • Revision will be in keeping with the economic trends in the country

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