Monday, February 25, 2013

Interest rates on PF deposits increased

NEW DELHI: Retirement fund body EPFO today decided to pay 8.5 per cent interest rate to its over five crore subscribers on their PF deposits for 2012-13, higher than 8.25 per cent provided in the previous fiscal. 

The decision was taken at the meeting of the Central Board of Trustees (CBT), the highest decision making body of the Employees' Provident Fund Organisation (EPFO). The meeting was chaired by the labour minister.

 "A decision has been taken to pay 8.5 per cent interest on PF deposits, but we have expressed our reservations as we wanted higher interest rate," said D L Sachdev, Secretary All India Trade Union Congress (AITUC) after the CBT meeting.

 (The notification on interest rate is issued by the government after concurrence with the finance ministry).

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