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1% rate cut in provident fund deposits announced EPFO lowers interest rate to 8.55 pc for 2017-18 Centre to contribute 12% of wages to new employees under EPF: Jaitley EPF contributions of women employees cut to 8% for first 3 yrs Govt announces 12% EPF in wages of new employees across sectors -
In a blow to government employees, the Employees Provident Fund Organisation (EPFO) on Wednesday decided to lower the interest rate on provident fund deposits to 8.55 per cent from the existing 8.65 per cent.
The rate cut decision for the fiscal 2017-18 was taken at the meeting of the Central Board of Trustees of the EPFO, sources said.
In the last fiscal, the EPFO had cut the rate to 8.65 per cent from 8.8 per cent in 2015-16.
The latest rate cut comes amid reports that the EPFO sold a portion of its investments in the exchange-traded funds (ETF) worth Rs 2,886 crore earlier this month.
That had given rise to hopes that the retirement body, which has some five crore members, will retain the interest rate.
--IANS
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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