Before Holi, the federal government gave an enormous blow to six crore staff, it diminished the rate of interest on PF

by Jeremy Spirogis
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new Delhi: The authorities, which is combating income, has determined to cut back the rate of interest on PF, whereas decreasing the burden on itself. After this determination, 6 crore EPF holders of the nation bought an enormous shock earlier than Holi. Now EPFO ​​will get 8.50 p.c rate of interest on EPF. While within the monetary yr 2018-19, PF curiosity was getting on the fee of 8.65 p.c. For your data, allow us to inform you that the choice has been taken solely after a gathering with the Labor Minister. <! –

                 He has additionally introduced this determination.

Had a gathering
On Thursday, today, the assembly of the highest physique CBT of EPFO ​​was held, during which Labor Minister Santosh Kumar Gangwar additionally attended. In which determination was taken on rate of interest on PF for the present monetary yr 2019-20. In this determination, consent needs to be obtained from the Finance Ministry as nicely. There was fixed stress from the finance ministry to cut back rates of interest on all different small financial savings schemes together with PF.

In what yr was the rate of interest

monetary yr Rate of curiosity on PF (in p.c)
2018-19 8.65
2017-18 8.55
2016-17 8.65
2015-16 8.80
2014-15 8.75
2013-14 8.75
2012-13 8.50

Government is combating income
Around 6 crore staff are concerned in PF schemes of EPFO ​​within the nation. Because of which the federal government must pay the weighted rate of interest to the EPF shareholders. At the identical time, the federal government has been combating income for a while. The authorities is just not capable of meet its revenue goal each from tax assortment and disinvestment. In such a scenario, this determination needed to be taken by the federal government. In the approaching days, the federal government can take related selections in different financial savings schemes.

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