NEW DELHI: Retirement fund body has asked its field offices to credit 8.55 per cent rate of interest for 2017-18, the lowest rate since 2012-13 fiscal, into the PF accounts of around 5 crore subscribers.
The Labour Ministry has conveyed approval of the Central Government to credit 8.55 per cent rate of interest for 2017-18 into PF accounts of members, according to an order issued by the EPFO to its more than 120 field offices.
The Finance Ministry had ratified 8.55 per cent rate of interest on EPF for the last fiscal. But it could not be implemented because of model code of conduct for Karnataka elections.
The Labour Ministry had sought Election Commission’s approval to notify rate of interest for crediting the same into members’ accounts by the EPFO in view of model code of conduct for Karnataka elections. (AGENCIES)
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