EPF interest rate hiked to 8.65%; move to benefit 6 crore provident fund subscribers

EPF interest rate hiked to 8.65%; move to benefit 6 crore provident fund subscribers

Govt contradicts itself by hiking interest rate on Employees’ Provident Fund

The Central Board of Trustees of the Employees' Provident Fund Organisation (EPFO) has recommended increasing the interest rate on Employees' Provident Fund for 2018-19 to 8.65% as against 8.55% in the preceding year. The move, once approved by the finance ministry will benefit six crore EPFO subscribers .

• Deploy Bold360's elegantly designed in-app chat with minimal code, and fully customize and implement chat using the mobile SDK.Bomgar allows employees and vendors to access systems and support people easily, while protecting credentials and endpoints from threats. Increase access speed and agility, while enforcing least privilege best practices, to simultaneously drive business performance and security. Who says powerful software has to be hard? Here at IDERA, we think Data and IT pros can have it all.At Citrix, we focus on a single driving principle: making the world’s apps and data secure and easy to access. Anywhere. At any time. And on any device or network.Informatica’s risk-centric approach to protecting big data automatically classifies sensitive data and proactively detects threats of unauthorized data access or proliferation. See what Salesforce can do for your company.1&1 Cloud, asap systems, acumatica, aha!,barracuda,chartio,cisco,carbonite,code42, cloudera,couchabase,citrix,druva,domo+salesforce, dynatrace ruxit,dell boomi, digital realty,egnyte,ensono, fortinet,fishbowl inventory,forgrock,grasshopper,gigya,getfilecloud, heroku,incontact,ironshore,intelex,impartnent,itfarm, infor crm,ic markets,jetbrains,linkedin business,logmein rescue,looker,linode,mimecast,mulesoft,netsuite, oracle,opsegenie,odu,opentext,observeit, periscopedata,pond5,panorama 9rhythmone,rackspace,simplify,sugarcrm,sisense, site24*7,sophos,symantic,synopsys,solarwinds,tibco spotfire,tibco jaspersoft,tibco cloud, thales,tenable,tektronix,vectra netowrks, velociteach, webroot,wgu,workato,woocomerce

Epfo will have a surplus of Rs 151 crore as on date after doling out higher interest rates. Finance ministry will have to give it's go ahead to the interest rate declared by EPFO following which it will be notified by the labour ministry.

The CBT is a tripartite body with representatives from the government, employers and trade unions headed by the labour minister. It is the apex decision-making body of the EPFO. The 8.65% rate is higher than that available on government small savings schemes, the return on which is benchmarked to market rates.

The Central Board of Trustees of the Employees' Provident Fund Organisation (EPFO) has recommended increasing the interest rate on Employees' Provident Fund for 2018-19 to 8.65% as against 8.55% in the preceding year. The move, once approved by the finance ministry will benefit six crore EPFO subscribers.

News | Retirement

Govt hikes EPF interest rate to 8.65% for FY18-19

MAS Team 22 February 2019 0 SHARE

The Central Board of Trustees of the Employees' Provident Fund Organisation (EPFO) has recommended increasing the interest rate on Employees' Provident Fund for 2018-19 to 8.65% as against 8.55% in the preceding year. The move, once approved by the finance ministry will benefit six crore EPFO subscribers.

It is possible to claim higher pension from EPFO on the basis of higher contributions made and accepted by EPFO earlier, even if one had not submitted joint option with your employer for higher contribution. By doing so, EPFO has removed an obstacle being faced by claimants of higher pension on the basis of higher contribution and made the process easier.

This has been done to smoothly implement the orders of the Supreme Court (SC) on paying pension to employees on the basis of higher contributions made earlier on the basis of actual salary. The Employees' Provident Fund Organisation (EPFO) has instructed its regional offices not to ask for formal joint option of employee and employer where earlier contribution towards Employees' Pension Scheme (EPS) by them was higher than the statutory wage limit.

EPFO, in its circular dated January 22, 2019, has said that if an employer and employee have contributed under the EPF Scheme, 1952, on wages higher than the statutory wage limit without joint option of employee and employer and the EPF account of the concerned employee has been updated by the EPFO on the basis of such contribution received, then by action of employee, employer and EPFO, it can be inferred that joint option of employee and employer has been exercised and accepted by the EPFO. Therefore, in such cases, for implementing the directions issued earlier, formal joint option of employee and employer should not be insisted upon.

EPF interest rate hiked to 8.65%; move to benefit 6 crore provident fund subscribers

Govt contradicts itself by hiking interest rate on Employees’ Provident Fund

Important Link:-
News Page 1 | News Page 2