Dattatreya promises 8.65% for PF deposits in FY17

Updated - January 27, 2018 at 12:03 PM.

Bandaru Dattatreya

Subscribers to retirement fund EPFO will get 8.65 per cent interest on provident fund (PF) deposits for 2016-17, as decided by the tripartite Central Board of Trustees (CBT), Labour Minister Bandaru Dattatreya said here on Thursday. His assurance comes amid reports that the Finance Ministry had sought a re-think, pitching for a lower rate.

“The CBT had decided to give 8.65 per cent. We would have surplus of ₹158 crore on providing 8.65 per cent,” Dattatreya said , adding that “in any case this amount (interest income) will be given to workers. But how and when it will be provided, this is the question.”

Meanwhile, the CBT, which met on Wednesday, decided to recommend a proposal to extend the minimum assured benefit of ₹2,50,000 on death of a member of the Employees Deposit Linked Scheme.

“Provisions have also been recommended in EDLI Scheme for loyalty-cum-life benefit to members on superannuation on completion of 58/60 years of age/total and permanent disablement with minimum 20 years of contributory service as a pilot project for two years. Thereafter, the scheme will be reviewed,” a release by the Employees Provident Fund Organisation said.

The Minister also launched an Aadhaar seeding application, developed with support of the Common Service Centres and CDAC, which will enable a PF subscriber or pensioner to walk into any field office for seeding purposes. Till March 31, 2017, EPFO said it had enrolled 4,939,929 workers.

Published on April 13, 2017 17:08