EPFO to pay 8.75 percent interest on 2014-15 PF deposits

Sarkaritel
By Sarkaritel August 27, 2014 10:29

EPFO to pay 8.75 percent interest on 2014-15 PF deposits


27epfoNew Delhi, Aug 27  The Employees Provident Fund Organisation (EPFO) Tuesday decided to retain 8.75 percent interest rate on provident fund deposits for its 50 million subscribers in 2014-15.

“It has been decided that the employees will get 8.75 percent interest rate in the current fiscal year,” Union environment minister Narendra Singh Tomar said after a Central Board of Trustees (CBT) meeting chaired by him.

The EPFO had provided 8.75 percent rate of interest for 2013-14 as well, while the decision to retain the interest rate at last year’s level was taken despite some protest by the trade union members of the CBT.

Some trade unions had demanded a hike in interest rate to 9 percent, but the EPFO’s calculations showed that this rate would result in a deficit of Rs.583 crore.

The final notification for payment of the interest rate for the current fiscal will be issued later by the finance ministry.

Sarkaritel
By Sarkaritel August 27, 2014 10:29