Press Esc to close
Wednesday 17 September 2014
News updated at 3:12 AM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Sunny day

EPFO may approve 8.5% interest rate for 2013-14

New Delhi, Sept 8, 2013 (PTI)

Retirement fund body EPFO is likely to announce an interest rate of 8.5 per cent on provident fund deposits for 2013-14 to its over five crore subscribers, the same as provided for last fiscal.

According to sources, the preliminary estimates indicate that the payment of 8.5 per cent rate of interest will leave no deficit for the Employees' Provident Fund Organisation (EPFO) and could rather leave some surplus for the body.

"In all likelihood, the interest rate on PF deposits for this fiscal will be fixed at 8.5 per cent," a source said.

The source further said if the interest rate is to be increased to 8.75 per cent for the current fiscal, it would result in some deficit, which might not be acceptable to the finance ministry.


The body is likely to call a meeting of its apex decision making body, the Central Board of Trustees (CBT) headed by the Labour Minister, on September 23 to approve the interest rate.

During the meeting, the trustee would reconstitute the EPFO's advisory body--Finance and Investment Committee (FIC), which recommends the rate of interest to the CBT.

After the reconstitution of CBT by EPFO in June, the other sub-committees of EPFO like FIC, were dissolved and were required to be reconstituted.

As per the practice, the EPFO would have to place the proposal before FIC after which it is considered by the CBT for taking a final call on the matter.

Once approved, the proposal is put before the Finance Ministry for its concurrence.
The source said the CBT will meet again after reconstituting FIC sometime before Diwali (which falls on November 3) to approve the rate of interest for this fiscal.

EPFO paid 8.5 per cent interest rate to its subscribers in 2012-13, which was higher than 8.25 provided in the 2011-12 fiscal.

Go to Top

Photo Gallery
An Israeli army armoured bulldozer drives in the Israeli occupied Golan Heights...

An Israeli army armoured bulldozer drives in the Israeli occupied Golan Heights...

Members of Iraqi security forces and tribal fighters prepare a mortar launcher...

Members of Iraqi security forces and tribal fighters prepare a mortar launcher...

Rajasthan Congress President Sachin Pilot celebrates with party workers the party's victory...

Rajasthan Congress President Sachin Pilot celebrates with party workers the party's victory...

Shahrukh Khan and Deepika Padukone at the music launch of the film 'Happy New Year'...

Shahrukh Khan and Deepika Padukone at the music launch of the film 'Happy New Year'...

Volunteers rescuing flood affected people in Chattabal area in Srinagar...

Volunteers rescuing flood affected people in Chattabal area in Srinagar...

Army personnel build a bridge in the flood affected area of Kotranka Tehsil in Rajouri in Jammu...

Army personnel build a bridge in the flood affected area of Kotranka Tehsil in Rajouri in Jammu...

An aerial view of the partially deluged Centaur hotel in Srinagar...

An aerial view of the partially deluged Centaur hotel in Srinagar...

A view flood-hit Abi Guzar residential area in Srinagar ...

A view flood-hit Abi Guzar residential area in Srinagar ...

Prime Minister Narendra Modi being received by O P Kohli,  Anandiben Patel and Amit Shah...

Prime Minister Narendra Modi being received by O P Kohli, Anandiben Patel and Amit Shah...

Children lying in mud during Buka Bhaona festival in Jorhat...

Children lying in mud during Buka Bhaona festival in Jorhat...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523