Employess
Provident fund organization likely to take a meeting on 4 October to decide the
interest rate PF deposits for this current fiscal.
The meeting of the CBT headed by the Labour Minister is likely to
be called on October 4 for reconstituting EPFO's sub-panels like its advisory
body Finance and Investment Committee (FIC), an Employees' Provident Fund
Organisation's (EPFO) official said.
As per the practice, FIC vets financial proposals of EPFO and puts
those before the CBT for a final call. The committee is supposed to vet and put
forward the proposal for providing a rate of interest on PF deposits every
year.
EPFO could not announce the interest rate on PF deposits for the
current fiscal as the FIC is yet to be constituted after the CBT was
reconstituted in June.
The sub-panels like FIC were dissolved after CBT was formed again
in June. Once FIC is reconstituted, the EPFO would provide official estimates
to it for vetting and putting forward its view before CBT for taking final
call.
According to sources, EPFO is likely to announce an interest rate
of 8.5 per cent on PF deposits for 2013-14 to its over five crore subscribers,
the same as provided for last fiscal.
The preliminary estimates indicate that the payment of 8.5 per
cent rate of interest will leave no deficit for EPFO and could rather leave
some surplus for the body.
EPFO paid 8.5 per cent interest rate to its subscribers in 2012-13,
which was higher than 8.25 provided in the 2011-12 fiscal.
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