EPF interest rate raised by 0.25 to 8.5 per cent for the current fiscal

EPF interest rate raised by 0.25 to 8.5 per cent for the current fiscal

Employees’ Provident Fund Organization, EPFO, has decided to pay 8.5 per cent rate of interest on Provident Fund, PF, deposits for 2012-13.

It is higher by 0.25 per cent provided in the previous fiscal. It will benefit over five crore subscribers of retirement fund body.

The decision was taken at the meeting of the Central Board of Trustees, the highest decision making body of EPFO, chaired by Labour Minister Mallikarjun Kharge.

According to the EPFO’s estimates, payment of 8.5 per cent interest rate on PF deposits for current fiscal, would leave a surplus of 4.13 crore rupees with the retirement fund body.