EPFO to decide interest rate on PF deposits

By SiliconIndia   |   Monday, June 29, 2009   |    1 Comments
Print Print Email Email
News Content Image

Bangalore: Employment Provident Fund Organization's (EPFO) advisory body Central Board of Trustees (CBT) is likely to decide the interest rate on PF deposits for the fiscal 2009-10 at its meeting on July 4. Finance ministry will take the final call once the CBT, which will be headed by the Union Labour Minister, Mallikarjun Kharge recommends the interest rate on provident fund deposits. "The CBT is likely to recommend 8.5 percent percent interest rate for 2009-10, the same that depositors received in the previous fiscal," said an EPFO official. At present, the organization has about 4.49 crore provident fund subscribers and is one of the largest PF institutions in the world, in terms of constituent members and transactions handled. Fund subscribers have been receiving 8.5 percent interest on their deposits since 2005-06. EFPO official says, "An increase of 0.25 percent will lead to a deficit of Rs.366.77 crore." The organization has reported a deficit of Rs 139 crore in the last fiscal. "Even after paying an interest of 8.5 percent the EPFO would have a surplus of Rs 6.4 crore during in the end of this fiscal," said EPFO official. The organization is expected to earn an income of Rs 12,994 crore in 2009-10.
Looking For Loan? Let us Help you !!!
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
Bharti Airtel board approves
Telecom major Bharti Airtel on Thursday said its board of directors has approved fund raising ..
90% of developing economies
Ninety per cent of developing economies, including India are falling behind or are at risk of fall..
Banks need to raise own capital
Public Sector Banks (PSBs) may raise capital themselves to meet regulatory and growth ..
Brookfield to buy RIL E-W Pipeline
Canadian investor Brookfield has acquired the loss-making East-West Pipeline Ltd from Mukesh Amba..