Thursday, April 26, 2012

EPF interest rate hiked to 8.6%

 Interest rate on employees' provident fund will be increased to 8.6 per cent for the current fiscal, a move which will benefit around five crore subscribers. "The rates were brought down due to lower income (on investment in Special Deposit Schemes) ... There is no question of minimum or maximum interest rates. We distribute it as per our revenue. Next time, it will be 8.6 per cent," labour minister Mallikarjun Kharge said in the Rajya Sabha replying to a debate on working of labour ministry. 
The Employees' Provident Fund Organization (EPFO) had brought down the rate of interest to 8.25 per cent for 2011-12 from 9.5 per cent provided in 2010-11. The retirement fund body EPFO has parked in excess of Rs 55,000 crore in theSpecial Deposit Schemes ( SDS) aimed at providing better returns to non-government provident funds and other such funds. 

Kharge said the rate of interest on funds depend on the revenues. Since the money belongs to workers, the government does not intend to reap any benefit out of the fund and returns every penny for the welfare of the subscribers. 

Source : PIB Press Release

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