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EPFO to give 8.75% interest on PF deposits for FY14

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EPFO to give 8.75% interest on PF deposits for FY14
New Delhi: Employees' Provident Fund Organisation (EPFO) has decided to provide 8.75 percent interest on PF deposits for 2013-14, Oscar Fernandes said in a statement

 

The EPFO, which is estimated to have an income of Rs 20,796.96 crore in the current fiscal, needs Rs 20,740 crore to pay 8.5 percent interest to the subscribers.

EPFO had provided 8.5 percent interest in the 2012-13 fiscal, which was higher than 8.25 announced in 2011-12.

According to estimates, hiking the interest payment by half a per cent to 9 percent would require an additional amount of Rs 1,220 crore, which does not seem feasible.

"Payment of interest to the members is expenditure for the Trust (EPFO), which is to be met out of its earnings. Thus, the rate of interest should be commensurate with the total earnings of the Trust," the EPFO has said in its proposal to the trustees.

PTI

Story first published: Monday, January 13, 2014, 12:42 [IST]
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