Government on Thursday slashed interest rate on deposits in Employees' Provident Fund (EPF) from 9.5% to 8.25% for 2011-12 affecting over 4.7 crore subscribers.
This cut was proposed by the finance ministry and a notification was issued by the labour ministry, official sources said.
The Employees' Provident Fund Organisation (EPFO) had provided 9.5% interest rate to its subscribers for 2010-11 after it found Rs1,731 crore surplus in its books of account.
The labour ministry had recommended 8.6% rate of interest for this fiscal on provident fund deposits to EPFO subscribers.
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This cut was proposed by the finance ministry and a notification was issued by the labour ministry, official sources said.
The Employees' Provident Fund Organisation (EPFO) had provided 9.5% interest rate to its subscribers for 2010-11 after it found Rs1,731 crore surplus in its books of account.
The labour ministry had recommended 8.6% rate of interest for this fiscal on provident fund deposits to EPFO subscribers.
....more info