The EPFO is likely to decide soon the rate of interest on PF deposits for 2013-14, which is expected to be over 8.5 per cent.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
Retirement fund body EPFO on Thursday lowered the interest rate on Provident Fund deposits to 8.5 per cent for the current financial year, Labour Minister Santosh Gangwar said on Thursday.
The decision will benefit over nine crore such account holders having total deposit of around Rs 32,000 crore.
'Parents, grandparents, candidates, academicians -- almost all the stakeholders have a view on it, so any change is hard to bring about.'
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The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
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The bill to amend payment of gratuity Act in order to double the ceiling of tax-free gratuity to Rs 20 lakh, would soon be placed before the Union Cabinet for approval.
The labour ministry has notified the more flexible investment pattern of 2008 for the Employees Provident Fund Organisation (EPFO), but minus its provision for investment in equity.
Ahead of the crucial CBT meet, the Employees' Provident Fund Organisation's advisory body Finance and Investment Committee will firm up its view on the matter.
The trustees would meet at the regional office of the EPFO in Bengaluru, the capital of the Labour Minister Mallikarjun Kharge's home state Karnataka.
The EPFO is now developing a software that will help show retirement savings in cash and ETFs components separately. At present the account only shows the savings as gross cash component.
The EPFO started investing in ETFs in August last year after the CBT in March cleared proposal to invest in equity markets.
A formal sector worker can contribute towards pension scheme till the age of 58.
A part of Rs 6.5 lakh cr corpus may be used to set up Workers' Bank.
EPFO is managing a corpus of Rs 6.5 lakh crore.
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The Employees' Provident Fund Organisation (EPFO) on Friday decided to give 8.5 per cent interest on provident fund deposits of 4.5 crore (45 million) subscribers.
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EPFO had paid 8.5 per cent interest rate to subscribers in 2012-13, which was higher than 8.25 provided in the 2011-12 fiscal.
The 15% invested every month in equity would be allotted to subscribers in the form of units.
The central government has notified the Employees Provident Fund (EPF) rate of interest at 8.5 per cent for 2006-07. The Central Board of Trustees (CBT) of EPF, in July, had recommended interest at 8.5 per cent. The government has now accorded its approval to notify the specified rate of interest for the year.
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Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
There will be tripartite pact with member, bank/housing agency and EPFO.
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The authorities in Bihar have registered an FIR against Khan Sir and five teachers for allegedly inciting violence over the controversy surrounding the results of tests conducted by the RRB-NTPC after the recent violent protests in Patna.
An advisory body of EPFO has rejected a proposal to engage private banks -- ICICI, Axis and HDFC Bank -- for collection of PF contribution from employers.
Six firms have qualified for managing EPFO funds.
The government has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over five crore subscribers of retirement fund body EPFO.
The crucial meeting of the Central Board of Trustees will be held in New Delhi on Saturday to decide on the interest rate on Employees Provident Fund
The finance ministry had last year notified a new investment pattern for EPFO.
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Retirement fund body EPFO's apex decision making body Central Board of Trustees (CBT) is likely to decide rate of interest on PF deposits for 2012-13 in its meeting scheduled on January 15.
The rate for current financial year is 8.25 per cent.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
The 4.7 crore (47 million) EPFO subscribers were left guessing during the year on continuance of 9.5 per cent interest rate for this fiscal, with the retirement fund body, in an unprecedented development, deciding to refer it to the finance ministry for a final decision.
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