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What is the annual rate of interest recommended by the Central Board of Trustees of EPF for the financial year 2016-17 on EPFO deposits?
1. 8.8%
2. 8.75%
3. 8.7%
4. 8.65%

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Correct Answer - Option 4 : 8.65%

The correct answer is 8.65%.

  • 8.65% is the annual rate of interest recommended by the Central Board of Trustees of EPF for the financial year 2016-17 on EPFO deposits.
    • The EPF (Employees Provident Fund) interest rate provided for 2019-20 was the lowest since 2012-13 when it was brought down to 8.5%.
    • The EPFO had provided an 8.65% interest rate to its subscribers in 2016-17 and 8.55% in 2017-18. The rate of interest was slightly higher at 8.8 % in 2015-16.

  • The Employees' Provident Fund Organisation is the statutory body under the ownership of the Ministry of Labour and Employment, Government of India.
    • EPF is responsible for the regulation and management of provident funds, pensions and mandatory life insurance in India.
  • It was founded on 4 March 1952 and its headquarters is located in New Delhi.
  • On 1 October 2014, the Government of India launched a Universal Account Number for Employees covered by EPFO to enable Provident Fund number portability.

  • The first Provident Fund Act, passed in 1925 for regulating the provident funds of some privacy concerns, was limited in scope.
  • In 1929, the Royal Commission on Labour stressed the need for creating provident funds for industrial workers.
  • In the Indian Labour Conference held in 1948, it was generally agreed that the introduction of a statutory provident fund for industrial workers should be undertaken. The Coal Mines Provident Fund Scheme was launched in 1948.
  • The Ordinance promulgated on 5 November 1951 was replaced by the Employees' Provident Funds Act, which extended to the whole of India except Jammu and Kashmir.

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