Wednesday, September 15, 2010

EPFO raises PF interest rate to 9.5 per cent for 2010-11

Ahead of the festival season, the retirement fund manager EPFO's Trustees today raised interest rate on provident fund deposits to 9.5 per cent from 8.5 per cent now, benefiting nearly 4.71 crore employees of both public and private sectors.

"We have decided to give 9.5 per cent rate of interest to subscribers during the current financial year on their contributions. For over four crore subscribers this is a big gift from EPFO Trustees," Labour Minister Mallikarjun Kharge told reporters after meeting of the Trustees.

The decision would put an additional burden of Rs 1,600 crore on the EPFO, the minister said, adding that it would be met from the surplus of over Rs 1,731 crore in the interest suspense account.
Source : PTI

1 comment :

chintu said...

It is high time the government should rise the interest on PPF accounts which are long term investment in nature.(the government reduced the interest from 12% to 8%)

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