In the meeting of the Employees Provident Fund Organization ( EPFO ) in November, interest rates on the EPFO can be fixed for the current financial year. It is believed that the employees of the provident fund organization, the highest decision-making body, Central Board of Trustees (CBT) will be meeting in November under the leadership of Labor Minister Santosh Gangwar. EPFO has more than 50 million members.
If the decision formulas are to be decided in November then there is the possibility to present to the trustees for approval of interest rate on EPF for the financial year 2017-18. In December last year, CBT reduced the interest rate for 2016-17 to 8.65 percent. Earlier, the interest rate for 2015-16 was 8.8 percent.
EPFO Subscribers will soon be able to get more benefits of equity investment. In fact, the retirement fund managers (EPFO) is in the process of bringing together a new policy with the government. Through this, 15% of the investment will be allotted to you every month as units. According to the media report, the Labor Ministry is preparing this policy. This will know the actual return on equity investment to EPFO subscribers.
The government generally ratifies the rate of return approved by the CBT because the EPFO is an autonomous body and provides interest on EPF deposits from its own income.
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