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EPFO will pay at least 8.5% interest on PF deposits for 2013-14: Media Report

By Religare
EPFO will pay at least 8.5% interest on PF deposits
EPFO will pay at least 8.5 per cent rate of return on Provident Fund (PF) deposits for 2013-14 to its over 5 crore subscribers as provided in the previous fiscal and the decision in this regard could be taken as early as next month, reported PTI.

"The Employees' Provident Fund Organisation (EPFO) will not pay less than 8.5 per cent interest rate on PF deposits for the current fiscal," an EPFO official said.

"The decision in this regard could be taken in December as the body is planning to schedule a meeting of its apex decision making body Central Board of Trustees (CBT) next month," he added. EPFO had provided 8.5 per cent interest rate for 2012-13, up from 8.25 per cent in 2011-12.

Trade unions have written to the Labour Ministry to urgently convene the meeting of EPFO's apex decision making body CBT to decide on the interest rate.

Dion Global Solutions Ltd.

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