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
April 22,2020

New Delhi, Apr 22: Philanthropist and Microsoft co-founder Bill Gates has lauded Prime Minister Narendra Modi's leadership in dealing with COVID-19 pandemic by adopting several measures including lockdown and increasing health expenditure to strengthen the health system response.

"We commend your leadership and the proactive measures you and your government have taken to flatten the curve of the COVID-19 infection rate in India, such as adopting a national lockdown, expanding focused testing to identify hot spots for isolation, quarantining, and care, and significantly increasing health expenditures to strengthen the health system response and promote R&D and digital innovation," Gates wrote.

He added: "I'm glad your government is fully utilising its exceptional digital capabilities in its COVID-19 response and has launched the Aarogya Setu digital app for coronavirus tracking, contact tracing, and to connect people to health services."

Prime Minister Modi had on March 24 announced a 21-day nationwide lockdown as a precautionary measure to contain the spread of COVID-19. The lockdown was later extended to May 3.

Gates further stated, "Grateful to see that you are seeking to balance public health imperatives with the need to ensure adequate social protection for all Indians."

With 1,486 new cases and 49 deaths in the last 24 hours, India's total number of coronavirus positive cases have risen to 20,471 while the death toll stands at 652, Union Ministry of Health and Family Welfare said on Wednesday.

Out of the total number of cases, 15,859 are active cases, 3,959 cured or discharged or migrated and 652 deaths.

Bill Gates met Prime Minister Modi in New Delhi on November 18 last year.

During his visit, Gates had addressed a function organised by NITI Aayog for the release of its report on 'Health Systems for a New India: Building Blocks - Potential Pathways to Reforms' wherein he lauded the country for its healthcare system and talked about how digital tools can help improve it further.

At that time, the philanthropist had commended the Central government for stepping up and eradicating polio.

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News Network
March 5,2020

New Delhi, Mar 5: A Delhi court Thursday issued fresh death warrants for execution of the four convicts in the Nirbhaya gang rape and murder case for March 20 at 5.30 am.

Additional Sessions Judge Dharmendra Rana fixed March 20 as the new date of execution after it was told by the Delhi government that the convicts have exhausted all their legal remedies.

The lawyer for the four death row convicts also told the court that there was no legal impediment for the court to proceed in fixing the date of execution.

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News Network
June 16,2020

New Delhi, Jun 16: Congress president Sonia Gandhi on Tuesday demanded a rollback of hike in fuel prices, saying the government's decision to increase the prices of petrol and diesel during the coronavirus crisis is "wholly insensitive" and "ill-advised".

The government is doing nothing short of "profiteering off its people" when they are down and out, she said in a letter to Prime Minister Narendra Modi.

Petrol and diesel prices were hiked for the 10th day in a row on Tuesday.

"I am deeply distressed that in these exceedingly difficult times since the beginning of March, the government has taken the wholly insensitive decision to increase petrol and diesel prices on no less than ten separate occasions," Gandhi said in her letter.

She accused the government of earning an additional revenue of nearly Rs 2.6 lakh crore through these "ill-advised" hikes in excise duty and increase in prices of petrol and diesel.

"I urge you to roll back these increases and pass on the benefit of low oil prices directly to the citizens of this country.

"If you wish for them to be 'self-reliant' then do not place financial fetters on their ability to move forward," the Congress president said.

Gandhi also urged the government to use its resources to put money directly into the hands of those in need in these times of severe hardship.

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