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Fin Min may ratify 8.75% interest rate on EPFO next week


08 Sep, 2014 9:08p.m.

The Finance Ministry is likely to give its concurrence next week to retirement fund body EPFO's trustees' decision to provide 8.75 percent rate of interest on PF deposits to over five crore subscribers this fiscal.

"It has been almost two weeks since the trustees decided to pay 8.75 percent. The Finance Ministry is most likely to give its concurrence next week to the decision as payment of 8.75 percent in 2014-15 will leave a surplus of Rs 242.26 crore," an official said.

He said, "The Finance Ministry should not have any issue as central government would not have to shell out anything for payment of 8.75 percent rate of interest and it would leave some surplus for the body."

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