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The Modi government can play a master stroke by increasing the EPF interest rate before the Lok Sabha elections

Wednesday - February 13, 2019 3:09 pm , Category : WTN SPECIAL
 EPF interest rate may exceed 8.55 per cent
EPF interest rate may exceed 8.55 per cent

The employees can get the EPF interest rate hike 'gift' after increasing in the income tax exemption limit

FEB 13 (WTN) - Only a short time is left for the Lok Sabha elections, in such a way the Modi government is trying every effort to keep every class happy. The Modi Government knows that the work done in the interest and favor of the employees has always been in the benefit of the Governments at the time of the elections. In this context, the market of discussions is hot that the Modi government can increase the EPF interest rates to give employees a bigger gift before the Lok Sabha elections. Here, the EPFO i.e. the Employees Provident Fund Organization is going to take a decision on February 21 on the interest rate of provident fund of more than 6 crore shareholder employees for the financial year 2018-19.

According to the currently available information, in the meeting of EPFO's trustees on this day, the interest rate on EPF can be agreed upon to maintain 8.55 per cent. It is being said that interest rate on the EPF can be kept 8.55 per cent same it was in the year 2017-18 for the current financial year. But considering the Lok Sabha elections, the interest rate of EPF can be increased and it can be kept even more than 8.55 per cent. For your information, let you know that the trustee board headed by the Labor Minister is the highest decision making body of the EPFO. The trustee board determines the interest rate on deposits in the provident fund for every financial year.

After the approval of the EPFO Board of Trustees, the interest rate proposal will be sent for the consent of the finance ministry according to the rules. When the interest rate proposal from the Finance Ministry gets approval, then the interest will be credited to the shareholders' account. For your information, let you know that from time to time the interest rate of deposit in EPF changes.
 
In the financial year 2017-18, the EPFO gave 8.55 per cent interest to its shareholders. While the interest rate for the fiscal year 2016-17 was 8.65 per cent, the interest rate on the EPF in the financial year 2015-16 was 8.80 per cent. In 2013-14 and 2014-15, the interest rate for two consecutive financial years was 8.75 per cent.

Now, let see what the decision is taken in the EPFO's meeting of the trustees in view of the Lok Sabha elections. The way Modi Government has given a great relief by increasing the income tax exemption limit to 5 lakh rupees, in the same way; it may be that by increasing the EPF interest rate, the Modi Government will give one more gift to the job class. If Prime Minister increases the interest rate of the EPF, it can be said a major master stroke of the Modi government before the Lok Sabha elections.

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