EPFO Board recommends 8.5 % interest on PF deposits

NetIndian News Network

New Delhi, July 4, 2009

The Employees' Provident Fund Organisation (EPFO) today decided to give interest at the rate of 8.5 per cent for the year 2009-10 on the provident fund deposits of its subscribers.
The decision was taken at a meeting of its Central Board of Trustees presided over by Union Labour and Employment Minister Mallikarjun Kharge.
Mr Harish Rawat, Minister of State for Labour and Employment, was also present at the meeting as the Vice-Chairman of the Trust.
The decision means that the rate of interest on the deposits of the Fund's nearly 45 million subscribers will remain at the same level as last year.
An official press release said the employees' representatives at the meeting were in favour of a higher rate of interest and voiced their dissent when the Board took a decision. This was the fifth regular meeting of the newly-constituted Board.