Retirement subsidize body Employees' Provident Fund Organisation (EPFO) on Monday resolute to augment the rate of attention on Provident Fund deposits to 8.75 per cent for 2013-14, a move that will advantage about 5 crore subscribers.
"We have resolute to advocate to the management 8.75 per cent rate of attention for 2013-14 to its subscribers," Labour Minister Oscar Fernandes said after a gathering of the EPFO trustees.
The Central Board of Trustees, which is the peak decision-making corpse of the Employees' visionary finance Organisation (EPFO), met on Monday and permitted the attention price.
According to sources, the corpse had extra rites, which enabled the attention rate to be augmented from 8.5 per cent in the preceding monetary year (2012-13).
The EPFO's suggestion will be vetted by the economics Ministry. Once the bureau approves the result, the attention would be qualified to the financial records of subscribers.
According to sources, the choice to augment the rate was in use in view of the impending Lok Sabha polls.
The EPFO is predictable to have an proceeds of Rs.20,796.96 crore in the present monetary year.
Payment of awareness at the rate of 8.5 per cent to subscribers would have necessary Rs.20,740 crore and left a remaining of Rs.56.96 crore, according to before projections.