The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
Faced with an additional burden of an estimated Rs 927 crore (Rs 9.27 billion) due to hiked interest rates, the Employees Provident Fund board will meet on March 20 to decide on whether it should approach the Finance Ministry for help.
The Central Board of Trustees on Wednesday deferred the decision on the interest rate for 3 crore (30 million) subscribers of the Employees Provident Fund.
Under attack from Left parties for slashing EPF rate to 8.5 per cent, the government on Tuesday assured the Lok Sabha that it would not hesitate raising the interest rate if there was surplus fund by the end of the financial year.
The Central Board of Trustees of the Employees Provident Fund on Tuesday unanimously decided to defer a decision on the rate of interest on EPF till July 20.
India's biggest state-run pension fund, the Employees Provident Fund, will aim to keep interest rate returns high, Labour Minister Sahib Singh said on Friday, despite an overall easier monetary climate.\n\n
The Central Board of Trustees of Employees Provident Fund Organisation is likely to cut the EPF interest by one per cent from the present 9.5 per cent when it meets on May 31.
Verma, who till recently was strongly opposed to any cut in EPF rates, however, appeared to have softened his stand as he cited the current lower interest rate regime in the country.\n\n\n\n
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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.
This is 1 per cent higher than the interim rate of 8.5 per cent announced for 2004-05.
Some members raised questions like that even government establishments were employing only contract labour.
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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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.
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.
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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.
Once approved by the finance ministry, the rate hike will benefit six crore EPFO subscribers.
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.
'PPF carries minimal risk.' 'Its fixed-income nature allows investors to diversify their portfolios.'
Fresh formal job creation declined sequentially for a third straight month in February to fall to a 21-month low, signaling pressure in the employment market. These are the findings from the latest payroll data released by the Employee Provident Fund Organisation (EPFO) on Thursday. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined 10 per cent sequentially to 738,052 in February from 819,659 in January.
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Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
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.
The number of contributors was 46.4 million in July and 44 million in September.
The decision would leave a surplus of Rs 15.26 crore.
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.
