About six Crore employees are involved in the country's EPFO PF schemes. Significantly, the government is battling revenue crunch this year. Tax income and disinvestment income are below target.
Around six Crore employees have been blowed by the Modi government. Labor Minister Santosh Gangwar announced an interest rate reduction for PF. The Employees Provident Fund (EPF) will receive 8.50 per cent interest this year. The interest rate in the previous year was 8.65 per cent, i.e. in the 2018-19 financial year.
Before the Holi, the Modi government gave the country's approximately six crore employees a blow. Labor Minister Santosh Gangwar has announced a cut in EPFO interest rates. 8.50 per cent interest will be paid on the Employees Provident Fund (EPF) for this year, i.e. 2019-20. The interest rate in the previous year was 8.65 per cent, i.e. in the 2018-19 financial year.
The Central Board of Trustees (CBT), the Employees Provident Fund Organization (EPFO) apex body, actually met Thursday. The interest rate on PF for the current 2019-20 financial year was decided at this meeting. Let the Central Board of Trustees take a decision on the PF interest rate, and agree with the Ministry of Finance on this decision.
According to news agency PTI, the Finance Ministry has exerted pressure to reduce the interest rate on all other small savings schemes including PF.
What did the Minister for Labour say.
Labor Minister Santosh Gangwar said, ' EPFO has decided to pay interest of 8.5 percent on EPF deposits for 2019-20 year. That decision was made in today's meeting of the Central Board of Trustees. ‘
For the financial year ended in March 2019, the EPFO announced an interest rate of 8.65 per cent. The EPFO paid 8.55 per cent interest to its shareholders during the financial year 2017-18. EPFO has provided the lowest interest rate of 8.55 per cent in five years this year.
At the same time, in 2016-17, the EPF interest rate was 8.65 per cent. Whereas the interest rate was 8.80 per cent in 2015-16. Similarly, interest on EPF in 2013-14 and 2014-15 was paid at 8.75 per cent. At the same time in 2012-13, the EPF interest rate was 8.50 per cent. Also Read | Status of PAN-Aadhaar connection, You might have to pay that large penalty after 31 March
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