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05 Feb, 2013 06:56 PM

EPFO to propose 8.5% interest for 2012-13

EPFO to propose 8.5% interest for 2012-13
The subscribers of the Employees Provident Fund Organisation (EPFO) may get 8.5 per cent return on their investment for the financial year 2012-13. This is 0.25% higher than that providedduring the last fiscal. 

The decision on the interest is taken by the EPFO’s central board of trustees headed by the labour minister. The body's proposal is likely to come up for discussion during its apex decision making body Central Board of Trustees (CBT) scheduled on February 15, a source said. 

EPFO 8.5% 2012-2013"The EPFO has worked out 8.5 per cent rate of return for the current fiscal. It will not leave any deficit. However, the proposal has not been finalised as yet," the source added. 

The Employees Provident Fund Organisation (EPFO) had paid 9.5 per cent interest in 2010-11, before scaling it down to 8.25 per cent in 2011-12 fiscal. 

EPFO will place the proposal regarding the interest rate before its advisory body Finance and Investment Committee (FIC) at its meeting on February 14. Once approved by the FIC, it will go to Labour Minister-headed CBT for final approval. 

The notification on interest rate is issued by the government after concurrence by the Finance Ministry. 

Generally the interest rates are announced at the beginning of the year, there has been a delay this time.



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