EPF rate hike likely in bonanza for salaried employees
Though the annual internal review is yet to be concluded, there was a good chance the EPF interest rate would be hiked. At the least, it will be retained at the existing level of 8.55%
New Delhi: Retirement fund manager Employees’ Provident Fund Organisation (EPFO) may raise interest rates from the current level of 8.55%, bringing cheer to millions of employees in the organized sector. If indeed EPFO does follow through, it will serve up another sop in poll-bound India, this time for the salaried employees. So far, farmers—through farm loan waivers—have been the beneficiaries, while the middle class has gained indirectly, with the recent reduction in goods and services tax (GST) rates on several consumer goods.