Finance Ministry approval for interest rate on EPF

Finance Ministry approves 8.65% interest rate on EPF for 2016-17

Question: How much per cent of interest rate has been recently approved to Labor Ministry by Finance ministry for Employees Provident Fund (EPF) for 2016-17.
(a) 8.86 per cent
(b) 8.75 per cent
(c) 8.65 per cent
(d) 8.55 per cent
Answer- (c)
Related facts:

  • On April 20th, 2017, 8.65 per cent interest rate on Employees Provident Fund (EPF) has been approved to Labor Ministry by Finance ministry for financial year 2016-17.
  • More than four crore subscribers of EPF organization will be benefited by this approval.
  • Prior to this approval “The Central Board of Trustees (CBT) had decided to give 8.65 percent to their subscriber.
  • Employees Provident Fund and Miscellaneous Provisions Act-1952, provides financial protection to employees in the form of insurance associated Provident Fund, Family Pension and Deposit Amount.
  • This act is applicable in whole of India except Jammu& Kashmir.
  • It applies to all establishments mentioned in Schedule to the act and to all such establishments where more than twenty or more persons are employed.
  • The Central Board of Trustees is a tripartite body and Central labor and employment Minister is its Chairman.
  • EPFO provides various services, such as the collection of funds provided by members of the establishment, supervision of accounts of the members and distribution of funds under various beneficial schemes to the members and to their nominees.

Reference:
http://www.business-standard.com/article/economy-policy/finance-ministry-approves-8-65-interest-rate-on-epf-for-2016-17-117042000403_1.html
http://zeenews.india.com/personal-finance/finance-ministry-approves-8-65-interest-rate-on-epf-for-2016-17-1997784.html
http://paisa.khabarindiatv.com/article/finance-ministry-ratifies-8-65-interest-rate-on-epf-says-labour-minister/
http://www.punjabkesari.in/business/news/finance-ministry-clears-8-65–interest-on-epf–dattatreya-608969