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This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.EPFO lowers int rate to 8.55% for FY18, workers threshold for coverage cut to 10
Retirement fund body EPFO has lowered the rate of interest on employees provident fund to 8.55% for its over six-crore subscribers for 2017-18, from 8.65% in the previous fiscal, reports PTI. Labour Minister Santosh Gangwar said after the Employees' Provident Fund Organisation's (EPFO) trustees meet on Wednesday said the EPFO has liquidated portion of its investments in the exchange traded funds (ETFs) to bridge the gap to provide 8.55% interest this fiscal.
He said the EPFO received 8% returns on its bond investments but it is able to pay 8.55% rate because it has sold some of its investments in ETFs. “The ETF investments have fetched a return of 20.65% so far, and in the months of January and February this year, the EPFO has sold Rs 3,700 crore ETFs which earned a return of Rs 1,011 crore.” The EPFO has invested around Rs 44,000 crore so far in the ETFs. It had started investing in ETFs in August 2015.
On the administrative charges, he said the EPFO's apex decision making body Central Board of Trustees has decided to reduce the administrative charges from 0.65% to 0.5% of total wages which are paid by employers. The minister also said the trust has also decided to reduce the workers threshold for coverage under the EPFO schemes to 10 from the existing 20.
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