new Delhi: Employees Provident Fund Organization ,EPFO) Proposal to reduce interest rate on Saturday retirement savings 8.5% to 8.1% for its 6.4 million customers, the lowest since 1977-78.
The payment, which is to be confirmed by the finance ministry, is in line with the agency’s earnings and will leave it with a surplus of Rs 450 crore during the financial year. Under the rules, the EPFO has to decide on the interest payment based on its earnings and cannot seek outside support.
This year’s earnings are estimated by EPFO at Rs 76,768 crore, which translates to a return of 7.9%, as compared to an earnings of 8.5% on the corpus last year, the labor minister said. Bhupendra Yadav Said this after the EPFO meeting in Guwahati.
“If Invested In” State Bank Of India, it will get you 5.45%. similar tools like PPF Or others will earn 6.8% to 7.1% interest. That’s why, based on the current international situation and equity market conditions, investing has to be balanced with Social Security. We cannot take high-risk means, (like) we are meant to provide social security,” he said.
The payment, which is to be confirmed by the finance ministry, is in line with the agency’s earnings and will leave it with a surplus of Rs 450 crore during the financial year. Under the rules, the EPFO has to decide on the interest payment based on its earnings and cannot seek outside support.
This year’s earnings are estimated by EPFO at Rs 76,768 crore, which translates to a return of 7.9%, as compared to an earnings of 8.5% on the corpus last year, the labor minister said. Bhupendra Yadav Said this after the EPFO meeting in Guwahati.
“If Invested In” State Bank Of India, it will get you 5.45%. similar tools like PPF Or others will earn 6.8% to 7.1% interest. That’s why, based on the current international situation and equity market conditions, investing has to be balanced with Social Security. We cannot take high-risk means, (like) we are meant to provide social security,” he said.