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FinMin wants EPFO rate to remain 8.75%

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The finance ministry wants Employees Provident Fund Organisation ( EPFO) to retain 8.75 per cent rate of interest on provident fund (PF) deposits for 2015- 16 although the retirement fund body is in a position to give better returns to its over 50 million subscribers.
The EPFO has provided 8.75 per cent rate of interest on PF deposits for previous two financial years — 2013- 14 and 2014- 15.
“During a recent meeting of finance ministry and labour ministry top officials, of the former urged the latter that the EPFO should retain its 8.75 per cent interest on deposits for the current fiscal as well in view of the governments intention to reduce rate of returns on small saving schemes and PPF," a source said.
The source further said, “EPFO has already worked out the income projection for the current fiscal, on the basis of which it can provide higher rate of returns than 8.75 per cent provided in the previous two financial years.”
Business Standard, New Delhi, 7th Dec. 2015

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