EPFO on Tuesday announced 8.75 per cent rate of interest on provident fund deposits for the current fiscal, a move which would benefit its over five crore subscribers across the country.
The decision to retain interest rate of 8.75 per cent was taken at a meeting of EPFO's apex decision making body the Central Board of Trustees chaired by labour Minister Narendra Singh Tomar here in the capital. "EPFO will provide 8.75 per cent rate of interest on PF deposits for 2014-15," Tomar told reporters after CBT meeting.
As per practice, now the Employees' Provident Fund Organisation's (EPFO) trustees' decision would be implemented after the concurrence of the finance ministry. EPFO's Central Provident Fund Commissioner K K Jalan said, "The benefit under the Employees' Deposit linked Insurance (EDlI) Scheme would be increased to a maximum sum assured of Rs 3.6 lakh from existing Rs 1.56 lakh."