Fair
14°CSat :Clear. High: 21 Low: 11

EPFO approves raising Provident Fund interest rate to 8.75%

EPFO approves raising Provident Fund interest rate to 8.75%

New Delhi: Retirement fund body EPFO on Monday decided to increase the rate of interest on Provident Fund deposits to 8.75 percent for 2013-14, a move that will benefit about 5 crore subscribers.

“We have decided to recommend to the government 8.75 percent rate of interest for 2013-14 to its subscribers,” Labour Minister Oscar Fernandes told reporters after a meeting of the EPFO trustees here.

The Central Board of Trustees, which is the apex decision-making body of the Employees’ Provident Fund Organisation (EPFO), met today and approved the interest rate.

According to sources, the body had surplus funds, which enabled the interest rate to be increased from 8.5 percent in the previous financial year (2012-13).

The EPFO’s recommendation will be vetted by the Finance Ministry. Once the ministry approves the decision, the interest would be credited to the accounts of subscribers.

According to sources, the decision to enhance the rate was taken in view of the forthcoming Lok Sabha polls.

The EPFO is estimated to have an income of Rs 20,796.96 crore in the current financial year.
Payment of interest at the rate of 8.5 percent to subscribers would have required Rs 20,740 crore and left a surplus of Rs 56.96 crore, according to earlier projections.

 

Top Stories

bjp-lost-17-seats-in-haryana-by-a-narrow-margin

BJP lost 17 seats in Haryana by a thin edge

October-22-2014
NEW DELHI: The BJP’s triumph in Haryana can’t simply be surveyed through the quantity of seats the gathering won additionally by the
44895643.cms

Sunny Leone’s Special Birthday surprise For Husband Daniel Weber

October-21-2014
Sunny Leone had masterminded an unique birthday festival for her spouse Daniel Weber in Thailand. A couple of days prior, Daniel had
IndiaTv1611f0_cfc

ISL mentors among a few peering toward India work

October-21-2014
PANAJI: There is life past the commotion and fervor of the Indian Super group, particularly for the mentors on obligation. Most mentors
06-rupee6

Rupee picks up 8 paise against dollar in early trade

October-21-2014
MUMBAI: Extending its climbing streak for the third straight day, the rupee increased in value by 8 paise to 61.28 against the
IndiaTv568462_akhilesh

Akhilesh Yadav the CM of UP gets feel of power crisis

October-21-2014
Lucknow: Uttar Pradesh Chief Minister Akhilesh Yadav and his bureau got a direct knowledge of the dismal force situation in the state
BJP flag

Maharashtra: Congress hits once more at NCP, says will never help Shiv Sena

October-21-2014
New Delhi: Senior Congress pioneer Ajay Maken hit over at National Congress Party boss Sharad Pawar by saying that the gathering will