Current Affairs - Miscellaneous - Discussion

Employees Provident Fund Organisation (EPFO) declared that rate of interest on employees provident fund for 2017-18 will be 8.55 per cent. This marks 0.10 per cent reduction as compared to 8.65 per cent for 2016-17. This is the second consecutive year, that EPFO has decreased the interest rates for its subscribers. 8.65 per cent for 2016-17 was 0.15 per cent lower as compared to 8.8% for 2015-16. As per the prevailing norms, all units employing 20 or more employees are mandatorily covered under the social security schemes run by the EPFO.