• 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 / EPFO / Finance Ministry approves 8.7% interest on EPF for 2015-16.

Trending
FINMIN Order : Dearness Allowance to Central Government employees from Jan 2022 “hot”
AICPIN for the month of March 2022 “hot”
GPF Interest Rate from April 2022 to June 2022 “hot”
Small Savings Schemes Interest Rate from April 2022 to June 2022 “hot”

Finance Ministry approves 8.7% interest on EPF for 2015-16.

April 25, 2016 pcadmin Leave a Comment

Finance Ministry approves 8.7% interest on EPF for 2015-16.

NEW DELHI: The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT).

“The (EPFO’s apex decision-making body) CBT, at its meeting held in February 2016, has proposed an interim rate of interest at 8.8 per cent to be credited to the accounts of Employees’ Provident Fund subscribers for 2015-16. The Ministry of Finance has, however, ratified an interest rate f 8.7 per cent,” Labour Minister Bandaru Dattatreya said in a written reply to the Lok Sabha today.

This is probably the first time that the Finance Ministry has not given concurrence to the rate of interest on EPF as decided by CBT, which is headed by the labour minister.

EPFO had provided 8.75 per cent rate of interest in 2013-14 and 2014-15, which was higher than 8.5 per cent in 2012-13 and 8.25 per cent in 2011-12.

EPFO’s estimates, which were worked out in September, projected that the body can easily pay 8.95 per cent rate of interest as it would leave a surplus of Rs 100 crore.

The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.

However, despite the employees representatives’ demand for 9 per cent rate of interest for the fiscal, the CBT at its meeting held on February 16 decided to provide an interim interest rate of 8.8 per cent for 2015-16.

Later, Dattatreya had assured that the Employees’ Provident Fund Organisation will not revise its interim interest rate of 8.8 per cent downward for 2015-16.

“We will not revise it (interim interest rate) downwards. The revision will be keeping in view of the economic trend in the country, interest rates of various schemes as well as the 7th Pay Commission,” Dattatreya had said.

Asked about the interim announcement, he had said the prevailing situations need to be analysed and after that, CBT will again meet in future to decide the interest rate.

Source : Economic Times

Filed Under: EPF, EPFO, PF

Also Read

AICPIN for the month of March 2022

AICPIN for the month of March 2022

April 29, 2022 By pcadmin Leave a Comment

AICPIN for the month of March 2022 GOVERNMENT OF INDIAMINISTRY OF LABOUR & EMPLOYMENTLABOUR BUREAU `CLEREMONT', SHIMLA-171004DATED: 29 April, 2022 F.No. 5/1/2021-CPI Press Release AICPIN for March 2022 Consumer Price Index for Industrial Workers (2016=100) — March, 2022 The … [Read More...] about AICPIN for the month of March 2022

Disbursement of Railway Pension through Private Sector Banks

Disbursement of Railway Pension through Private Sector Banks: Railway Board

May 13, 2022 By pcadmin Leave a Comment

Disbursement of Railway Pension through Private Sector Banks: Railway Board Government of India (भारत सरकार)Ministry of Railways (रेल मंत्रालय)Railway Board (रेलवे बोर्ड) RBA No. 29/2022 No. 2018/AC-II/21/2/ARPAN New Delhi, dated 12.05.2022 Pr.Financial Advisors,All Zonal Railways … [Read More...] about Disbursement of Railway Pension through Private Sector Banks: Railway Board

CGEGIS 1980 - Table of Benefits from April to June 2022

CGEGIS 1980 – Table of Benefits from April to June 2022

May 12, 2022 By pcadmin Leave a Comment

Central Government Employees Group Insurance Scheme-1980 - Tables of Benefits for the savings fund for the period from 01.04.2022 to 30.06.2022. No. 7(2)/EV/2016Government of IndiaMinistry of FinanceDepartment of Expenditure E-V Branch New Delhi, the 10 May, 2022 OFFICE MEMORANDUM Sub: … [Read More...] about CGEGIS 1980 – Table of Benefits from April to June 2022

Confirmation of inadequacy of representation of SC and ST in consonance - DOPT

Confirmation of inadequacy of representation of SC and ST in consonance – DOPT

May 10, 2022 By pcadmin Leave a Comment

Confirmation of inadequacy of representation of SC and ST in consonance - DOPT F. No. 25/1 1/2022-CS.II(B)Government of IndiaMinistry of Personnel, Public Grievances & PensionsDepartment of Personnel and TrainingCS.II(B) Section 3rd Floor, Lok Nayak Bhawan,Khan Market, New … [Read More...] about Confirmation of inadequacy of representation of SC and ST in consonance – DOPT

Status of Cadre Review as on 5th May, 2022

Status of Cadre Review as on 5th May, 2022

May 9, 2022 By pcadmin Leave a Comment

Status of Cadre Review proposals processed in DoPT as on 5th May, 2022 A. Approved by Cabinet – 24 B. Status of Proposals under consideration – 23 (1) Meeting of Cadre Review Committee held – 10(2) Pending for consideration of CRC – 3(3) Pending with Department of Expenditure – 3(4) Pending … [Read More...] about Status of Cadre Review as on 5th May, 2022

Scrap NPS and restore CCS (Pension) rules, 1972 or Guarantee Minimum Pension : BPMS

Scrap NPS and restore CCS (Pension) rules, 1972 or Guarantee Minimum Pension : BPMS

May 9, 2022 By pcadmin Leave a Comment

Scrap NPS and restore CCS (Pension) rules, 1972 or Guarantee Minimum Pension : BPMS भारतीय प्रतिरक्षा मजदूर संघBharatiya Pratiraksha Mazdoor Sangh (AN ALL INDIA FEDERATION OF DEFENCE WORKERS)(AN INDUSTRIAL UNIT OF B.M.S.)(RECOGNISED BY MINISTRY OF DEFENCE, GOVT. OF INDIA) REF: BPMS/ PMO/ … [Read More...] about Scrap NPS and restore CCS (Pension) rules, 1972 or Guarantee Minimum Pension : BPMS

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

Confirmation of inadequacy of representation of SC and ST in consonance – DOPT

Status of Cadre Review as on 5th May, 2022

Percentage of Salary Budget allocated for training and capacity building – DOPT

Reservation in promotions – procedure to be followed : DOPT

Holiday on 14th April 2022 – Birthday of Dr. B. R. Ambedkar

Latest Finmin Orders

CGEGIS 1980 – Table of Benefits from April to June 2022

FINMIN Order : Dearness Allowance to Central Government employees  from Jan 2022

Modification of instructions regarding Air Travel on Government account. – FINMIN

CGEGIS Table of Benefits from Jan 2022 to March 2022

Concessions to person re-employed in Central Government Service – Payment of Travelling Allowance

Latest Railway Orders

Grant of Leave to Probationary officers: Railway Board

Productivity Linked Bonus to all eligible non-gazetted Railway employees for 2020-2021

Cabinet approves Productivity Linked Bonus to Railway Employees for the year 2020-21

Change of Base Year of Consumer Price Index of Industrial Workers – Railway Order

Advance payment of salary on account of Onam festival.

Categories

Copyright © 2022