Mostly Cloudy
23°CWed :PM Thunderstorms. High: 31 Low: 19

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

australian-breast-cancer-research-invert-logo

Free cancer camps in state today

May-26-2015
GUWAHATI: with an end goal to raise tumor mindfulness, the state well-being division will sort out day-long free extraordinary camps for right
android

Indeed, even a factory reset in Android telephones abandons client information

May-26-2015
It’s ability to think to reset an Android telephone to its plant state before offering or discarding it. Anyway, be careful, specialists
Vodafone-PTY-Logo-white-300x500

Vodafone India wanting to dispatch Rs 25,000-crore IPO one year from now

May-26-2015
The British telecom major Vodafone is purportedly wanting to dispatch IPO of its Indian arm to raise about $4 billion next monetary.
Chidambaram

Karnataka bureau will settle on claim against Jayalalithaa quittance today: Chidambaram

May-26-2015
New Delhi: The Karnataka Cabinet will meet by Tuesday to take a choice on recording a request against the vindication of Tamil
TH24_ARVIND_1696075g

Kejriwal plans to pass determination in Delhi Assembly against Jung and Center

May-26-2015
New Delhi:  Encouraged with numerous lawful sentiments and Monday’s Delhi High Court judgment to support it, the Aap Aadmi Party (AAP) seems,
indian-rupee-us-dollar0

Indian Rupee Slips 7 Paise Against US Dollar

May-25-2015
The rupee fell seven paise to 63.59 against the US dollar in right on time exchange Monday at the Interbank Foreign Exchange