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EPF interest rate lowered by 15 bps to 8.5% for FY20

Thursday, March 5, 2020, 4:04 PM

Salaried employees will get 0.15% lower returns on their provident fund deposits this year with the Employees' Provident Fund Organisation announcing a 15 basis-point-reduction in the interest rate on PF-deposits in 2019-20 compared to 8.65% in 2018-19 on the back of lower yields on its investments. The decision to this effect was taken at the just concluded central board of trustees meeting of EPFO.
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12.67 lakh new jobs created in December: ESIC payroll data

Wednesday, February 26, 2020, 9:06 AM

Around 12.67 lakh jobs were created in December 2019 against 14.59 lakh in the previous month, according to payroll data of the ESIC. Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the NSO said in a report. The report also showed that during the September 2017-December 2019 period, around 3.50 crore new-subscribers joined the ESIC scheme.
 
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Govt to scrap EPFO-NPS switch, allow lower PF contribution: Report

Monday, December 9, 2019, 11:28 AM

To boost consumption, the government may increase the take-home salary by giving the option of reducing provident fund(PF) contribution, according to a report. Organized sector employees may soon be permitted to lower their PF contribution, which is currently 12% of the basic salary, the report said. The ministry has also decided not to corporatize the EPFO and Employees' State Insurance Corporation(ESIC), the report said.

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