EPFO retains 8.75 per cent interest on PF deposits

EPFO retains 8.75 per cent interest on PF deposits
The Employees’ Provident Fund Organization (EPFO) has retained the rate of interest on PF deposits at 8.75 per cent for 2014-15.

The decision was taken on Tuesday at a meeting of the Central Board of Trustees (CBT), chaired by Labour Minister Narendra Singh Tomar. Trade union leader’s proposals of a hike in the rate of interest, however, was not accepted by members of the meeting. The CBT had approved the same rate of interest for 2013-2014.

The board did not favour the pattern of investment proposed by the Ministry of Finance, which spoke of investing in equities and Exchange Traded Funds .

It was decided instead to recommend a more flexible pattern of investment, including increased percentage of investment in government securities. The board also decided to appoint Crisil as consultant for the selection of fund managers in the EPFO.

The board discussed the feasibility of deployment of provident funds in AAA-rated Central Public Sector Undertakings  and State Public Sector Undertakings  through mutual agreement.
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