EPFO hikes attention on PF deposits to 8.75 per cent

 
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).

EPFO to give 8.75% interest on PF deposits for FY14

New Delhi: Employees' Provident Fund Organisation (EPFO) has certain to offer 8.75 percent awareness on PF deposits for 2013-14, Oscar Fernandes said in a declaration

The EPFO, which is probable to have an proceeds of Rs 20,796.96 crore in the present financial, needs Rs 20,740 crore to pay 8.5 percent curiosity to the subscribers.

EPFO had provided 8.5 percent curiosity in the 2012-13 financial, which was superior than 8.25 announced in 2011-12.

According to estimates, climbing the attention sum by partially a per cent to 9 percent would necessitate an extra quantity of Rs 1,220 crore, which does not look as if realistic.

"Payment of curiosity to the members is outlay for the Trust (EPFO), which is to be met out of its wages. Thus, the rate of awareness should be corresponding with the total income of the conviction," the EPFO has said in its application to the trustees.