Reduced threshold of 10 Employees for PF Coverage (against existing 20) and reduction in Administrative Charges from 0.65% to 0.50% of wages
As per News Reports, Central Board of Trustees (CBT) of EPFO in its 220th Meeting held has recommended in its meeting dt. 21 Feb. 2018 to reduce Administrative Charges from 0.65% to 0.50% of wages and to reduce the threshold limit of minimum number of workers from 20 to 10 for coverage under the EPF Scheme.
CBT of EPFO recommended to cuts interest rate on EPF to 8.55% for 2017-18 from 8.65% for 2016-17
Central Board of Trustees (CBT) of EPFO has recommended PF Interest Rate of 8.55% for FY 2017-18 (as compared to 8.65% for FY 2016-17) in its 220th meeting held in new Delhi on 21st February 2018. Recommendation will now be sent to Govt. (Ministry of Finance) for vetting followed with issuance of Notification thereon and crediting interest at revised rate in the account of respective members.
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