As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. Hence, it was lowered to 8.65 per cent
The Finance Ministry has given its consent to the EPFO to invest from 5 per cent to 15 per cent of the investable income of the organisation every year.
Some unions have opposed EPFO investing in share markets.
Ramesh Batlish, Head-FIITJEE Noida shares crucial advice for engineering aspirants.
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
If the changes being considered by the EPFO become a reality, investors may have to be more active in deciding equity preference and when to withdraw money, reports Sanjay Kumar Singh
The Prime Minister's Office has suggested that EPFO should deploy 15 per cent of its funds as loan for low cost housing saying it would generate a credit flow of Rs 70,000 crore (Rs 700 billion).
'There is no question of diverting funds. This government is pro-poor, pro-worker and pro-progressive.'
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
Here's how EPF stacks against other investment options
The exam will be held on May 26 and 27, 2018.
In a placatory move, the labour ministry also said it was contemplating permitting withdrawal of all accumulations by Employees' Provident Fund Organisation's subscribers on grounds like purchase of house, serious illness, marriage and professional education of children.
The Graduate Record Examination is an important test for admission into masters and doctoral programmes in the US.
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