The interest rate applicable for 2015-16 on EPF was mentioned in the media as 8.8%. However, has there been a govt. notification for the same? My EPF trust says it has not received it – how come as we are already in 206-17. Please direct me to the notification if it is released or do you happen to know when it will get released. Thanks.
Yes, it is true that interest rate for EPF for FY 2015-16 was decided at 8.8%. But as of now there is no official notification. This is a normal process of first declaration and then notification. Nothing new in this. Usually, the earnings will be reported by the financial audit and investment committee (FAIC) of EPFO. This year it declared as the earning is 8.95%. Based on this the interest rate for a particular year will be decided by the central board of trustees (CBT) of EPFO representing the employees. CBT is the apex decision-making body of the retirement fund manager. You can refer the declaration of D.L. Sachdeva, a member of the central board of trustees (CBT) of EPFO representing the employees. CBT is the apex decision-making body of the retirement fund manager that ““EPFO and the labour ministry decided to go for 8.8% rate of interest”.
But, when will the actual govt. notification/circular be released officially other than the news reports?
No one knows about this. However, this is the official confirmation means all have to accept it. I don’t know why the trust you mentioned unable to believe it.
Thanks, let me check with them.
I hope your doubt now resolved. The interest rate for FY 2015-16 is finalized as 8.7% rather the earlier recommendation of 8.8%. So now it is confirmed that interest rate of EPF for FY 2015-16 is 8.7%.