• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • DOPT ORDERS 2020
  • FinMin Orders 2020
  • Railway Orders 2020
  • Contact Us

7th Pay Commission Latest news

Central Government Employees News

  • DOPPW Orders
  • 7th Pay Commission
  • Dearness Allowance
  • Dearness Relief
  • CSD Price List
  • Defence
    • Defence Pension
You are here: Home / Central Government Employees News / PF interest rates expected to go up to 8.95% for the current fiscal

PF interest rates expected to go up to 8.95% for the current fiscal

January 23, 2016 pcadmin Leave a Comment

PF interest rates expected to go up to 8.95% for the current fiscal

The Employees Provident Fund Organisation’s (EPFO) finance panel has recommended raising the interest rate on statutory savings of over 5 crore subscribers from 8.75% to 8.95% during the current fiscal.

The proposal has to be endorsed by the central board of trustees before the finance ministry notifies it. If it goes through, it will be the highest return since the 9.5% paid in 2010-11 and the highest ever real interest rate (after netting out inflation) in recent years. An 8.95% rate will translate into returns of nearly 12% for those in the highest slab as the withdrawals and interest earnings do not attract tax at the time of withdrawal.

The proposal comes at a time when the government and the Reserve Bank of India are looking to reduce deposit rates so that banks can cut lending rates and spur investment. A higher interest rate on EPF deposits may result in some diversion of funds from bank deposits or small savings schemes as voluntary contributions.

The finance ministry is expected to lower interest rates on several small savings schemes such as public provident fund or National Savings Certificate by up to 50 basis points, with a formal announcement expected shortly.

An increase in rates in EPFO, which is the basic investment avenue for many employees in the country, may face some resistance from the finance ministry though it will be tough for it to block the proposal given the huge dependence of the middle class on the savings.

In the past, the finance ministry has sometimes objected to recommendations from the central board of trustees but approved it. On its part, the EPFO panel is of the view that the retirement savings body has the resources to fund the proposed 8.95% rate. The agency is hoping to convene a meeting of the CBT headed by labour minister Bandaru Dattatreya at the earliest for the interest rate proposal to be ratified by the apex decision making agency.

Source:http://timesofindia.indiatimes.com/

Filed Under: Central Government Employees News

Also Read

Amendment in the Central Civil Services Leave Rules 1972

Amendment in the Central Civil Services Leave Rules 1972

May 26, 2023 By pcadmin Leave a Comment

Amendment in the Central Civil Services Leave Rules 1972 MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONSDEPARTMENT OF PERSONNEL AND TRAININGNOTIFICATION New Delhi, the 15th May, 2023 GSR. 374(E).-In exercise of the powers conferred by proviso to article 309 read wit clause (5) of … [Read More...] about Amendment in the Central Civil Services Leave Rules 1972

Punctuality in attendance in Government offices

Punctuality in attendance in Government offices

May 23, 2023 By pcadmin Leave a Comment

Punctuality in attendance in Government offices GOVERNMENT OF WEST BENGALFinance DepartmentNABANNA325, Sarat Chatterjee Road, Howrah-711102 No. 3370 -F(P2) Dated, Howrah, the 20th May, 2023 M E M O R A N D U M Sub : Punctuality in attendance in Government offices In order to … [Read More...] about Punctuality in attendance in Government offices

Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund

Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund

May 23, 2023 By pcadmin Leave a Comment

Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund Government of West BengalFinance DepartmentGroup-J Memo No: 027-F (J) WB Date: 04/05/2023 MEMORANDUM Subject:- Ceiling of Rs. 5 Lakh on subscription in General Provident Fund (West Bengal Services) in a financial … [Read More...] about Ceiling of Rs. 5 Lakh on Subscription in General Provident Fund

GISS, 1987 – Table of Benefits upto July, 2023

GISS, 1987 – Table of Benefits upto July, 2023

May 23, 2023 By pcadmin Leave a Comment

GISS, 1987 – Table of Benefits upto July, 2023 GOVERNMENT OF WEST BENGALFINANCE DEPARTMENTAUDIT BRANCH No. 031-F(J) W.B. Date: 11.05.2023 MEMORANDUM SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of … [Read More...] about GISS, 1987 – Table of Benefits upto July, 2023

Disbursement of Railway Pension through Private Sector Banks

Disbursement of Railway Pension through Private Sector Banks

May 23, 2023 By pcadmin Leave a Comment

Disbursement of Railway Pension through Private Sector Banks Government of IndiaMinistry of RailwaysRailway Board RBA No. 16/2023 No. 2010/AC-II/21/10/Pt IV New Delhi, dated 15.5.2023 Pr.Financial Advisors,All Zonal Railways & PUS Pr. Chief Personnel Officers,All Zonal Railways … [Read More...] about Disbursement of Railway Pension through Private Sector Banks

Reader Interactions

Leave a Reply Cancel reply

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

Primary Sidebar

All About Pension

All about Pension

Latest DOPT Orders

Grant of fund for modernisation of Non-Statutory Departmental Canteen located in Central Government Offices

General Election 2023: Grant of Paid holiday on day of Poll for General Election in Karnataka, 2023

Reimbursement of Children Education Allowance (CEA) to Central Government servants having Divyang Children

Addendum for early closure of all the offices falling in the premises of Parliament House & Rashtrapati Bhawan in c/w forthcoming Republic Day

Early Closure of Offices in connection with Republic Day Parade/Beating Retreat Ceremony/At Home Function during January, 2023

Latest Finmin Orders

CGEGIS 1980 – Tables of Benefits for the savings fund for the period from 01.04.2023 to 30.06.2023.

Dearness Allowance to Central Government employees effective from 01.01.2023 – FINMIN Order

Compendium of Instructions regarding grant of House Rent Allowance to Central Government employees – FINMIN

CGEGIS 1980: Table of Benefits of saving funds from Oct to Dec 2022

Non-Productivity Linked Bonus (ad-hoc bonus) to Central Government Employees for 2021-22

Latest Railway Orders

Disbursement of Railway Pension through Private Sector Banks

Dearness Relief to Railway pensioners from Jan 2023

State Railway Provident Fund Interest Rate from April 2023 to June 2023

Timely verification of Caste/Community Certificates – Railway Board Order

Timelines for completion of APAR to Railway Employees for 2022-23

Categories

Copyright © 2023