EPFO cuts interest rate on deposits to 8.5% for 2019-20

News Network
March 5, 2020

New Delhi, Mar 5: Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday.

The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.

"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting here.

Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.

The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes.

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

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News Network
March 30,2020

New Delhi, Mar 30: Prime Minister Narendra Modi on Monday interacted with Indian ambassadors and high commissioners abroad and urged them to remain alert to developments in global efforts against COVID-19 including breakthroughs to help the country's fight against the coronavirus.

External Affairs Minister S Jaishankar and Foreign Secretary Harsh Vardhan Shringla were also present during the interaction through video-conferencing.

"Coming together for India PM interacted with Indian Ambassadors/High Commissioners abroad and urged them to remain alert to developments in global efforts against COVID-19 including breakthroughs to help our national efforts to fight COVID19," External Affairs Ministry spokesperson Raveesh Kumar said in a tweet.

"PM appreciated the efforts of our missions in helping Indians abroad, in particular, students and workers," he added.

The number of positive coronavirus cases in the country stood at 1,071 on Monday. It includes 29 deaths and 99 people, who have been cured of the highly contagious virus.

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News Network
April 20,2020

Thiruvananthapuram, Apr 20: The Kerala health department has declared 88 local bodies including the corporation, municipality and panchayats, spread over 14 districts in the state as COVID-19 hotspots.

"The lockdown restrictions in these areas will be continued in the hotspots announced by the state health department," said state DGP Lokanath Behera in a statement.

"Hot spots are being announced based on COVID-19 positive cases, primary contacts and secondary contacts. As the outbreak of the disease increases, hot spots will be revised daily," said State Health Minister KK Shailaja.

However, the Minister said that a particular region will be excluded from the hot spot after a weekly data analysis.

District wise hot spots in the state - Thiruvananthapuram (3) including Thiruvananthapuram Corporation, Kollam (5), Alappuzha (3), Pathanamthitta (7), Kottayam District (1), Idukki (6), Ernakulam (2), Thrissur (3), Palakkad (4), Malappuram (13), Kozhikode (6), Wayanad (2), Kannur (19) and Kasaragod (14).

In Kerala, 400 people have detected positive for coronavirus, including 3 deaths, as per the Union Health Minister.

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News Network
April 15,2020

New Delhi, Apr 15: With 1,076 new COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases has risen to 11,439, said the Union Ministry of Health and Family Welfare on Wednesday.

Out of the total tally, 9,756 cases are active while 1,306 patients have been cured/discharged and migrated.

With 38 new deaths reported in the last 24 hours, the death toll rises to 377.

According to the ministry, Maharashtra is the worst-affected state with 2,687 cases of which 259 patients have recovered/discharged while 178 patients have lost their lives due to the virus.

Delhi comes in at the second position with 1,561 cases of which 30 patients have recovered while 30 patients have succumbed to the virus.

Tamil Nadu is the third state with over 1,000 cases at 1,204 cases of which 81 have recovered and 12 have died due to the deadly virus.

Rajasthan is nearing the 1,000 mark with 969 cases of which 147 people have recovered while 3 patients are dead. Madhya Pradesh reported 730 cases including 51 patients recovered and 50 patients dead.

On Tuesday, in an address to the nation, Prime Minister Narendra Modi announced that the 21-day national lockdown has been extended till May 3.

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