EPFO reduces interest rate to 8.55% for 2017-18 from 8.65% for 2016-17

EPFO reduces interest rate to 8.55% for 2017-18 from 8.65% for 2016-17 Ckick here to visit EPFO Website : EPFO Employees Provident Fund Organisation (EPFO) on Wednesday reduced the interest rate to 8.55% for 2017-18, as against 8.65% for 2016-17. The EPFO has also decided to reduce the workers threshold for coverage under its schemes to 10 from existing 20. At present, all those units employing 20 or more employees are mandatorily covered under the social security schemes run by the EPFO. TheEmployees' Provident Fund Organisation(abbreviated toEPFO), is an Organization tasked to assist the Central Board of Trustees, a statutory body formed by the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of theMinistry of Labour and Employment,Government of India. EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India

EPFO reduces interest rate to 8.55% for 2017-18 from 8.65% for 2016-17

The employer and employee typically contribute 12 per cent of basic salary towards employee provident fund (EPF) accounts. An employee's 12 per cent contribution goes towards the EPF kitty, while 8.33 per cent out of the total 12 per cent of the employer's contribution is invested in EPS or pension scheme. The balance 3.67 per cent is invested in EPF. [ You May Also Refer :Deductions under section 80C to 80 U of Income Tax Act 1961 [AY 2019-20/FY 2018-19]] Good news, PF SMS alert has started from today, to know your total PF balance, just give a missed call on 011-22901406 from your registered mobile number and you will get SMS alert immediately