Wednesday, January 8, 2014
by
Indian Real Estate News
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Retirement fund body EPFO is likely to retain 8.5% rate of interest for FY 2013-14 on PF deposits for its over 5 crore subscribers, which it provided in the previous fiscal. Payment of 8.5% rate of interest on PF deposit would leave a small surplus of . 56.96 crore in account books, says the agenda for the Employees' Provident Fund Organisation's (EPFO) trustees' meet scheduled on January 13. The EPFO, which is estimated to have an income of . 20,796.96 crore in the current fiscal, needs . 20,740 crore to pay 8.5% interest to its subscribers. According to estimates, hiking the interest payment by half a per cent to 9% would require an additional amount of . 1,220 crore, which does not seem feasible. "Payment of interest to the members is expenditure for the trust (EPFO), which is to be met out of its earnings. Thus, the rate of interest should be commensurate with the total earnings of the trust," the EPFO said in its proposal.
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