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Employee Provident Fund interest rate ↑ to 8.8%

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After receiving the stamp of approval from Union Labour Minister Bandaru Dattatreya Employees’ Provident Fund Organisation (EPFO) has marginally mounted the PF interest rate to 8.8% from 7.75% for 2015-16 financial year.

  • The announcement in this regard has been made during the 211th meeting of Central Board of Trustees in Chennai, which was chaired by Bandaru Dattatreya.
  • This will benefit over 40 million subscribers in 8.60 lakh establishments.

Employee Provident Fund interest rate ↑ to 8.8%As per rule, interest rates are fixed by EPFO’s apex decision making body – Central Board of Trustees (CBT) because it provides rate of return from its own income without any assistance from the government.

Other Highlights of CBT Meeting
Compliance Analysis & Monitoring SystemThe minister has launched a Compliance Analysis & Monitoring System. Principal employers registered with EPFO will upload work orders, outsourced job contracts and contract workers related information

  • The new system will ensure transparency and reduce the cost of compliance for principal employers and result in proper coverage of eligible employees

Simplified Pension Claim Form – The Minister also unveiled the Simplified Pension Claim Form 10D (UAN) and single page Pension Payment Order under the Employees’ Pension Scheme, 1995.

About Employees’ Provident Fund Organisation (EPFO)
EPFO is a statutory body of the GOI under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme.

  • The EPFO’s apex decision making body is the Central Board of Trustees (CBT).