Moneycontrol Pro

#AutoWoes #RakeshJhunjhunwala #IncomeTax

SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD OCT 04
MCX SILVER SEP 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD OCT 04
MCX SILVER SEP 05
MCX CRUDEOIL SEP 19
MCX NATURALGAS AUG 27
USD/INR
EUR/INR
GBP/INR
JPY/INR

Markets at close: How the major indices and stocks fared on Wednesday

Asian shares fall on recession fears; eyes on Fed minutes

Oil rises as US crude inventories fall

Rupee recovers 16 paise to close at 71.55 a dollar

Economy

EPFO proposes interest rate hike to 8.65%, but it's still lower than 2013-14 rates

Updated : February 22, 2019 08:50 AM IST

Retirement fund body Employees' Provident Fund Organisation (EPFO) on Thursday announced its proposal to increase interest rate to 8.65 percent from 8.55 percent on PF deposits for 2018-19, to its 6 crore subscribers.

The EPFO had provided a five-year low rate of interest of 8.55 percent to its subscribers for 2017-18. The body had kept the interest rate at 8.65 percent in 2016-17 and 8.8 percent in 2015-16. It provided 8.75 percent interest for 2013-14 as well as 2014-15. The rate of interest was 8.5 percent in 2012-13.

This is the first time since 2015-16 that the interest rate has been raised.

All members of the Central Board of Trustees (CBT) of EPFO at a meeting agreed to give a higher interest for subscribers for the current fiscal, said labour minister Santosh Gangwar.

The proposal would now go to the finance ministry for approval, Gangwar said after the CBT meeting.

The CBT headed by labour minister is the apex decision making body of the EPFO which finalises rate of interest on PF deposits for a financial year.

The board is confident that finance ministry will approve 8.65 percent EPF interest rate for 2018-‘19, said Gangwar, adding that there will be a surplus of Rs 151 crore despite a higher interest rate.

With inputs from agencies.

primo org

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

1.82 lakh unsold housing units worth Rs 1 lakh crore in NCR, says new study

1.82 lakh unsold housing units worth Rs 1 lakh crore in NCR, says new study

Institutional investments in real estate sector tripled to Rs 1,400 billion in 10 years, says report

Institutional investments in real estate sector tripled to Rs 1,400 billion in 10 years, says report

How Wow! Momo went from 1 table to 274-store chain in 11 years

How Wow! Momo went from 1 table to 274-store chain in 11 years

Trending on CNBC-TV18

Live TV

recommended for you