Interest rate on EPF deposits for year 2014-15
The Employees' Provident Fund Organisation (EPFO) has announced to keep the EPF interest rate at 8.75 per cent, same as the previous year, for the current fiscal year (2014-15). The announcement came on 26th Aug,2014 at a meeting of the Central Board of Trustees - the apex decision making body of EPFO. However, this decision would be implemented only after the approval of the Finance Ministry.
Along with this, the board has decided to fix a minimum monthly pension of Rs 1,000 under the Employees' Pension Scheme 1995 (EPFS-95). This move will immediately benefit 28 lakh pensioners who get less than this amount at present.
Another important decision by the board was to raise the wage ceiling for becoming a subscriber of EPFO to Rs 15,000 from the current Rs 6,500. This will bring 50 lakh additional formal sector workers under the ambit of the body.Category: finance