ProMASS News Bureau: Feb 16, 2016:
The interim interest rate for the Employees Provident Fund for this year has been fixed at 8.8 per cent, an increase of 0.05 percent over last year. It is expected to benefit over 4 crore subscribers of the fund. The decision for the marginal increase has been arrived at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation, chaired by the Minister of State for Labour and Employment Bandaru Dattatreya in Chennai today.
Later, addressing news persons, Mr Dattatreya said while reviewing this year’s overall financial performance of the fund later, the interest rate would be further raised subject to the level of surplus amount. He also promised that the rate would continue to register an increase next year also, even if the overall interest rate regimes show a downtrend. The EPFO has a surplus of Rs 285 crore as of now. 8.6 lakh establishments are registered with the EPFO. A new Compliance Analysis and Monitoring System to oversee the payment of EPF subscription by companies and a simplified pension payment order were also launched by the minister today, as part of the e-governance initiatives.
