EPFO likely to fix PF rate at 8.5% today

EPFO’s trustees are likely to decide on Monday the payment of 8.5 per cent interest to its over five crore subscribers on their provident fund (PF) deposits for 2012-13, higher than 8.25 per cent provided in the previous financial year.

... 8.5 per cent rate of interest for the year 2012-13 is feasible, said a note prepared by the Employees’ Provident Fund Organisation (EPFO), which was considered by its advisory body finance and investment committee (FIC) on February 15.

According to EPFO’s estimates, payment of 8.6 per cent interest rate would result in a deficit of Rs 240.49 crore, whereas, 8.5 per cent rate of return on PF deposits for current financial year would leave a surplus of Rs 4.13 crore.

EPFO apex decision making by the central board of trustees (CBT) is scheduled on meet on Monday where they may take up the issue of interest rate payment for the current financial year, a source said.

In FIC meeting held on February 15, union leaders refused to discuss the issue regarding payment of interest in the current financial year because the agenda note for the issue was not provided well in advance to them, sources said adding the note was tabled during the meeting.

They said EPFO’s estimates would now be directly tabled before CBT meeting scheduled on February 25, for final approval.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Sebi must not exempt listed SMEs from its mandatory disclosure norms

    The Securities and Exchange Board of India (Sebi) has amended clause 49 of the listing agreement, which lays down the obligation of companies toward t

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Skills education can boost industry

India’s manufacturing industry matters a great deal for the economic ...

Rajgopal Nidamboor

How synchronous empathy helps us

All of us are in an undulating ‘hypnotic’ state. A ...

Gautam Gupta

In fashion, why quality must exceed quantity

Every time there’s a fashion week in India, my friends, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture