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FM approves 8.75% interest on PF deposit for FY14

According to the EPFO estimates, the payment of interest rate at 8.75 per cent would require Rs 25,005.41 crore

March 06, 2014 8:05 IST | India Infoline News Service
The Finance Ministry has approved payment of 8.75 per cent rate of interest on PF (provident fund) deposits in 2013-14 for over five crore subscribers of EPFO (Employees' Provident Fund Organisation), according to a media report.
In January, Central Board of Trustees (CBT), EPFO's apex decision making body, had decided to raise interest rate for the current fiscal to 8.75 per cent from 8.5 per cent paid in 2012-13.
The CBT, which is headed by Ministry of Labour, sent its decision to the Finance Ministry for approval.
Since the Finance Ministry has approved the decision of CBT, the interest would be credited into the accounts of subscribers, the report further said.
According to the EPFO estimates, the payment of interest rate at 8.75 per cent would require Rs 25,005.41 crore and there would be a surplus of Rs 43.14 crore, the report added.

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