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PF interest rate hiked to 8.8 pct from 8.75 pct for 2015-16: EPFO Bandaru Dattatreya

Wed February 17 2016, 10:18 am
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    Centre announced on Tuesday that the Provident Fund (PF) interest rate was hiked to 8.8 pct from 8.75 pct for 2015-16. Union Labour Minister Bandaru Dattatreya said the hike is an 'interim one' and indicated that it could be further revised later - he revealed this after chairing the 211th meeting of the Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO). "We had last time given 8.75 per cent and this time, seeing the situation, we are declaring 8.8 per cent for the workers," Dattatreya told reporters. Here are top 10 key takeaways for employees about the PF interest rate hike: (Image Source: PTI)

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    PF interest Rate: The government on Tuesday increased interest rates on provident fund (PF) to 8.8 per cent for the ongoing financial year ended March 2016 from 8.75 per cent earlier. EPFO has been paying 8.75 per cent interest rate for the last two fiscals to its 5 crore organised sector subscribers. [16-02-2016]

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    2. PF interest rate hike: Since today's announcement is an interim one, Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) will meet again later to discuss the possibility of any further increase in interest rates. Bandaru Dattatreeya added that he only favoured further revision of interest rates. That meeting is likely to take place after audit of accounts, officials said. (Image Source: Thinkstock)

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    3. PF interest rate hike: All India Trade Union Congress Secretary D L Sachdev and EPFO trustee said, "The Labour Ministry has succumbed to the pressure of the Finance Ministry to keep interest on PF deposits at lower rate than recommended by the Finance, Audit and Investment Committee (FAIC)." Sachdev had attended today's meeting of the Central Board of Trustees' headed by Dattatreya. 2. PF interest rate hike: Since today's announcement is an interim one, Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) will meet again later to discuss the possibility of any further increase in interest rates. Bandaru Dattatreeya added that he only favoured further revision of interest rates. That meeting is likely to take place after audit of accounts, officials said. (Image Source: Reuters)

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    4. PF interest rate hike: EPFO's advisory body FAIC had recommended that 8.95 per cent rate of interest on PF deposits for 2015-16 was feasible as it would leave a surplus of Rs 91 crore. According to the EPFO estimates, providing 9 per cent rate of interest would have resulted in a deficit of Rs 102 crore. Sachdev said, "It appears that the Labour Ministry top brass is not acting like a trustee of poor workers." (Image Source: Thinkstock)

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    5. PF interest rate hike: "The representatives of employees present at the meeting have protested against deciding 8.8 per cent rate of interest for the current fiscal," said Bharatiya Mazdoor Sangh representative P J Banasure. The others who voiced concern over the decision include Ashok Singh (Indian Trade Union Congress), Shankar Saha (All India United Trade Union Centre) and Jagadeeswara Rao (BMS). (Image Source: Reuters)

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