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EPF (Employees’ Provident Fund) Interest rate for 2013-14

January 13, 2014by Basavaraj Tonagatti

Today EPFO trustees decided to offer higher interest rates for all EPF subscribers for the year 2013-14 than the previous year. They also came up with few new announcements.

EPFO trustees decided to offer a 8.75 % interest rate to all subscribers for the year 2013-14, which is more than 0.25% to previous year interest rate. But to make you aware, this interest rate declaration by trustees is not the final. Trustees recommendation will be forwarded to the Finance Ministry, which is the final approval authority. But it is presumed that the Finance Ministry will also approve this considering the upcoming general elections.

Below are the few more announcements of trustees.

  • Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI) maximum benefit increased by 20%. Currently the maximum benefit is Rs.1,30,000 in case of death of the employee during the service period.
  • EPF and EDLI administrative charges are increased.

EPF historical interest rate since 1952

EPF historical interest rate since 1952

Note-

  • For FY 1978-79 actual interest rate was 8.25%+0.50% (as a bonus). But this bonus will be applicable to the members who did not withdraw any amount from the account during the period of 1976-77 and 1977-78.
  • For FY 2000-01, interest rate will be 12% for the period of April-June and 11% from June onward on monthly running balance.
  • For FY 2004-05 actual interest rate was 9%+0.50% (Golden Jubilee Interest Rate bonus).
  • For the detailed method of EPF interest calculation method, you can view my previous post “How EPF (Employees’ Provident Fund) interest is calculated?”

 

 

Category: EPF and PPFTag: EPF historical interest rate since 1952, EPF Interest rate for 2013-14

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. Praveen Kumar

    August 28, 2017 at 11:56 PM

    Dear Sir
    Why we are no getting intrest on pension part

    Reply
    • Basavaraj Tonagatti

      August 29, 2017 at 7:28 AM

      Praveen-This is how the rules are set 🙂

      Reply
  2. Pankaj Kumar

    November 14, 2014 at 10:36 PM

    Sir,
    I got salary rs 13000 per month what will be the total amount deducted in my pf account from both side?

    Reply
  3. JEGATHEESAN

    April 26, 2014 at 12:56 PM

    SIR,

    I WANT TO KNOW ONE THING.
    SALARY IS CALCULATED FOR 26 DAYS INA MONTH. BUT FOR 31 DAYS INA MONTH HOW IT IS CALCULATED.
    IF WE ARE PAYING FOR THAT EXTRA 4 DAYS MEAN WHETHER WE SHOULD DEDUCT PF AND ESI FOR THAT 4 DAYS ALSO. PLEASE SAY ASAP

    Reply
    • Basavaraj Tonagatti

      April 26, 2014 at 9:02 PM

      Jegatheesan-Usually salary will be calculated for entire month (including Sundays). So EPF or ESI will be for the same days.

      Reply
      • JEGATHEESAN

        April 28, 2014 at 10:22 AM

        SIR,
        SO WE CAN DEDUCT ESI AND PF FOR THAT 4 DAYS ALSO .

        Reply
        • Basavaraj Tonagatti

          April 28, 2014 at 10:27 AM

          Jegatheesan-Yes.

          Reply
          • JEGATHEESAN

            April 28, 2014 at 11:04 AM

            SIR,
            AND WHAT ABOUT FOR LEAVE ENCASHMENT AND FOR THAT ALSO WE CAN DEDUCT ESI AND PF FOR THAT

            Reply
            • Basavaraj Tonagatti

              April 28, 2014 at 2:53 PM

              Jegatheesan-You need to follow according to formula applicable.

              Reply
              • OPGoyal

                June 23, 2017 at 9:23 PM

                OPGoyal
                EPF is reqd to be deducted from Leave Encashment & Equal Contribution as per rate Apli., will have to be Deposited by Employer in employee’s Of A/c Pl.

                Reply
  4. P.N.Mohanty

    February 1, 2014 at 12:45 PM

    This is very informative and useful. I would like to know the rate of interest in GPF,PPF and EPF.

    Reply
    • Basavaraj Tonagatti

      February 1, 2014 at 12:51 PM

      Mohanty-Thanks. You can view the recent PPF rate in my previous post “All about Public Provident Fund“.

      Reply
  5. JEGATHEESAN

    January 25, 2014 at 11:36 AM

    sir,
    I Need to know whether salary limit for PF is extended from 6500 to 15000 rupees sir.

    Reply
    • Basavaraj Tonagatti

      January 26, 2014 at 11:03 AM

      Jegatheesan-No, it is still Rs.6,500 only.

      Reply
      • JEGATHEESAN

        February 5, 2014 at 4:50 PM

        sir,

        I need to know how gratuity is calculated

        Reply
        • Basavaraj Tonagatti

          February 5, 2014 at 8:14 PM

          Jegatheesan-Below formula will be applied to calculate Gratuity.
          (15/26) * Last Salary Drawn * Completed years of service. Here if completed years of service is more than 6 month then it will added to next year like 20 years 7 months will be equal to 21 years, 20 years 4 months will be equal to 20 years and 20 years 6 months will be 20 years only. Salary for this purpose will be Basic+DA.

          Reply
      • JEGATHEESAN

        February 28, 2014 at 10:03 AM

        Sir goodmorning,
        EPFO ANNOUNCES MINIMUM MONTHLY PENSION IS 1000.WHETHER ITS FOR THE PERSONS THOSE WHO ARE WORKING CURRENTLY OR THE PERSON WHO RETIRED.

        Reply
        • Basavaraj Tonagatti

          February 28, 2014 at 10:18 AM

          Jegatheesan-It is yet to be approved by cabinet. Once it get approval then we will get clear picture. But I am 200% sure than cabinet will say “YES” looking at coming general elections 🙂

          Reply
          • JEGATHEESAN

            February 28, 2014 at 11:00 AM

            K SIR. BUT IT WILL BE USEFUL FOR CURRENT EMPLOYEES OR RETIRED EMPLOYEES ONLY

            Reply
            • Basavaraj Tonagatti

              February 28, 2014 at 11:03 AM

              Jegatheesan-To all 🙂

              Reply
      • OPGoyal

        June 23, 2017 at 9:27 PM

        Since June 2014 the limit for EPs 95 Contribution has been increased from earlier limit of 6500/- pm.to Rs 15000/- pm pl

        Reply
    • JEGATHEESAN

      February 6, 2014 at 10:52 AM

      Hello sir,

      I want to know the pay structure for 12000 rs. like BASIC ,DA, HRA conveyance.

      Reply
      • Basavaraj Tonagatti

        February 6, 2014 at 11:37 AM

        Jegatheesan-It depends on company policy like in Rs.12,000 how much will be Basic, DA and HRA or other components of salary. There is no such rule which can say that one must fix this much Basic to employee.

        Reply

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