Proposal to raise the rate from 8.5 per cent to 9.5 per cent had come from the Central Board of Trustees of the Employees Provident Fund Organisation.
Some members raised questions like that even government establishments were employing only contract labour.
This is 1 per cent higher than the interim rate of 8.5 per cent announced for 2004-05.
The EPFO has about 3.7 crore (37 million) members.
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Having dipped into its reserves for paying 9.5 per cent interest for four crore subscribers in 2004-05, the EPF trustees would meet in New Delhi on July 30 to arrive at returns to be offered this fiscal.
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Once approved by the finance ministry, the rate hike will benefit six crore EPFO subscribers.
Union Labour Minister Sahib Singh Verma said on Tuesday that the Central Board of Trustees would be meeting on May 31 at New Delhi for reviewing the interest rate of employees provident fund.
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In the face of mounting pressure from trade unions, the Employees Provident Fund rates may remain untouched at 9.5 per cent this year though a sub-committee of the EPF Board is believed to have recommended slashing it to eight per cent.
If your EPF account has been lying dormant for more than three years that you must sit up and take notice. Else you may not earn interest on it.
The Bharatiya Janata Party on Monday demanded that the interest rates on Employees' Provident fund contributions be raised to 9.5 per cent to make them commensurate with the rise in bank interest rates.
Break the chains of debt, invest in your future, and wave the flag of financial independence high. Freedom awaits, comrades. Let's conquer this battlefield together this Republic day, exhorts Vatsal Ramaiya.
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Amid possibility of a 0.5 per cent cut in the interest rate for the current fiscal, the Employees Provident Fund Board will meet in New Delhi on January 27 to finalise the EPF rate, which is 8.5 per cent at present.
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The number of contributors was 46.4 million in July and 44 million in September.
The Delhi high court has ruled that outsourcing units cannot be clubbed with each other or the company outsourcing work to them for the purpose of Employees Provident Fund.
A decision on the interest rate for close to 60 million active subscribers of the Employee Provident Fund Organisation (EPFO) is likely to be taken in the next Central Board of Trustee (CBT) meeting, starting on March 25. A letter from the social security organisation regarding the convening of the 233rd CBT meeting was sent to all the board members last week, soliciting their presence in the meeting. Although the venue and the agenda haven't been drawn out yet, sources familiar with the matter say that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe.
The decision would leave a surplus of Rs 15.26 crore.
It is a trend that economists and researchers say might continue. The data shows the share of this age group in the net EPF accounts created - a proxy for net new formal jobs created - fell from 37.9 per cent in 2018-19 to 24.1 per cent in 2021-22.
Generally, most Indians are under-prepared for their post-retirement life. Many middle class private sector employees end up consuming their PF accumulations for variety of other reasons like marriage of their children, medical treatment or purchase of house, etc., says Anil Chopra- Group CEO & Director- Bajaj Capital
At present, deposits, accrual of interest and withdrawals are tax free under the scheme.
The self-employed should invest in the National Pension System, a government-backed, low-cost retirement avenue where they can choose the mix of debt and equity that is right for them.
The finance ministry on Friday ratified the interest rate of 9.5 per cent for about 4 crore subscribers of Employees Provident Fund for 2002-03 and 2003-04.
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
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The Central Bureau of Investigation has arrested a man for allegedly altering Aadhaar card details to withdraw Provident Funds of unsuspecting persons through online claims, officials said on Monday.
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Labour Minister Sahib Singh Verma on Tuesday expressed confidence that the 9.5 per cent EPF interest rate could be maintained next year, in spite of the falling interest rates.
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