EPFO members to get benefit of upto Rs.50,000

Retirement fund body EPFO’s subscribers will get loyalty-cum-life benefit of up to Rs 50,000 at the time of retirement for contributing to the scheme for 20 years or more.

The benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years, the EPFO board has decided. The Employees’ Provident Fund Organisation’s (EPFO) apex decision making body, the Central Board of Trustees



(CBT), has recommended a minimum sum assured of Rs 2.5 lakh in the event of death of a subscriber.

About 4 crore subscribers of EPFO will get 8.65% interest on provident fund deposits for 2016-17, as decided by the organisation’s trustees in December, Labour Minister Bandaru Dattatreya said. The comments follow reports suggesting that the finance ministry is nudging the labour ministry to lower the interest rate by up to 50 basis points.