PF rate lowered to 8.65%, loyalty benefits added and bonus on retirement

EPF interest rate for FY17 to be lower than that provided for FY16

The provident Fund rate for 2016-17 has been reduced to 8.65 per cent from 8.8 per cent in 2015-2016. Secondly, loyalty-cum-life benefit would be provided to all subscribers who have contributed to the scheme for 20 years or more on retirement.

Here are the important announcements regarding EPF

1) Interest on EPF for FY17 cut: Employees' Provident Fund Organisation (EPFO) subscribers, will get 8.65 per cent interest on provident fund deposits for 2016-17, as decided by the organisation's trustees in December, Labour Minister Bandaru Dattatreya said on Thursday. The decision, however, is yet to be approved by the government.