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CBT recommends 8.65% interest on EPF to its subscribers for the year 2016-17

By   /  December 19, 2016  /  Comments Off on CBT recommends 8.65% interest on EPF to its subscribers for the year 2016-17

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New Delhi: The Central Board of Trustees of Employee Provident Fund Organisation (EPFO) has decided to recommend 8.65% interest to its subscribers for the year 2016-17. Nearly, 17 crore subscribers’ accounts will be updated with this interest rate upon acceptance by the Government. Previous year the EPF interest rate was 8.8%.

The Minister of State for Labour and Employment (Independent Charge) Mr Bandaru Dattatreya chaired the 215th meeting of the Central Board of Trustees (EPF) in Bengaluru today. The Board also adopted the 63rd Annual Report on the work and activities of the EPFO for the year 2015-16 for placing it before the Parliament.

The Chairman, CBT and the Minister of State for Labour and Employment (Independent charge) announced that Organisational Restructuring has been approved by the Union Government for implementation. This includes Cadre Restructuring which will ensure career progression of 20,000 staff/officers of EPFO. The Minister announced that this will be implemented as a New Year gift.

The Board also approved the EPFO  Enrolment and Establishment coverage campaign 2017. For effective monitoring and implementation the Zonal Addl. CPFCs shall lead the campaign. District Offices of EPFO will be activated and sufficient number of officers will be exclusively engaged. Meetings with the stakeholders namely Employer & Employee associations and State Governments will be held to make it a success. During the campaign wide publicity of PMRPY and PMPRPY benefits will also be undertaken. Online enrollment facilities to workers will form a key feature of the campaign. Window will be provided from 01.01.2017 till 31.03.2017 for the campaign.

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