EPFO to pay 8.75% interest on PF deposits in 2014-15

Illustration by Uttam Ghosh/Rediff.com

Retirement fund body EPFO's trustees on Tuesday decided to retain interest payment on provident fund deposits for 2014-15 at 8.75 per cent.

"It has been decided to pay 8.75 per cent interest in the current fiscal," Central Provident Fund Commissioner K K Jalan told PTI after the meeting of the Central Board of Trustees, the apex decision making body of the Employees' Provident Fund Organisation.

The EPFO has about 5 crore (50 million) subscribers and the decision will have a bearing on their retirement fund.

The decision to retain the interest rate on the provident fund deposits at last year's level was taken despite some protest by the trade union members of the CBT, sources said.

The final notification for payment of the interest rate for the current fiscal will be issued by the Finance Ministry later.

The EPFO had provided 8.75 per cent rate of interest on PF deposits for 2013-14, which was higher than 8.5 per cent paid for the previous fiscal.