EPFO meeting to decide rate of interest on PF today
4 Jul 2009, 1145 Hrs

Add comment          Mail          Print          Write to Editor

New Delhi, July 4 The Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO) is meeting today to discuss the rate of interest for provident fund for the current financial year.

Labour Minster Mallikarjun Kharge will chair the meeting.

The EPFO meeting, which is happening two days before the presentation of the general budget, is considered crucial as the decision taken by the EPFO has to be scrutinised by the Finance Ministry.

Nearly 4.5 crore employees in the country benefit from the provident fund. The EPFO is expected to retain the 8.5 percent interest rate for the current fiscal too.

The meeting is also expected to discus the Finance Ministry's suggestion to invest 15 percent of the EPFO"s corpus, which is about Rs 1.82 lakh crore in companies listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and also equity-linked schemes of SEBI-regulated mutual funds, which was rejected by the EPFO's Finance and Investment Committee in March.

According to sources, the EPFO has no reserves left to pay higher interest rate than 8.5 percent in this fiscal as it had suffered a Rs 139-crore deficit during 2008-09. The deficit was later made up from the available Contingency Fund of around Rs 150 crore.

The Central Board of Trustee will send its recommendations on the interest rate on provident fund deposits, to the Finance Ministry for final approval and notification. (ANI) (ANI)

Related Latest

BB assassination probe commission asks Pak to arrange meeting with Musharraf, ISI officials Castrol Rankings rate Henry as world's No.1 soccer player Peaches Geldof speaks of interest in quantum theories Theron auctioned Mandela meeting "without consent" Zardari, Sharif meeting ends without major breakthrough Farmers now seek hope with Bhati Zardari-Sharif meeting unlikely evoke any positive response Musharraf's meeting with American officials 'unofficial', says US State Department Selectors, not captain, coach should decide team composition: Sarfaraz Nawaz IITs to decide eligibility criteria for entrance exams: Sibal

Related Latest

Two police officers embark on bicycle rally to spread message of unity Madhu Koda to remain in hospital for another day Middle order has not performed consistently in the series, says Dhoni TMC-CPM workers clash, Maoists kill three ahead of CM's visit in Midnapore Fake currency worth Rs 900,000 seized in Punjab Allahabad hosts Ganga Water Rally to accelerate tourism industry in Uttar Pradesh Over 60 percent turnout in Assembly by-polls; 53 percent in Firozabad LS poll Madhu Koda's associate sent to ten days in Enforcement Directorate custody Congress-NCP alliance forms government in Maharashtra for the second time Gold lovers in Chennai see gold as a promising investment

• Two police officers embark on bicycle rally to spread message of unity
• Madhu Koda to remain in hospital for another day
• Middle order has not performed consistently in the series, says Dhoni
• TMC-CPM workers clash, Maoists kill three ahead of CM's visit in Midnapore
• Over 60 percent turnout in Assembly by-polls; 53 percent in Firozabad LS poll

• बीकानेर महापौर चुनावः एक विश्लेषण
• Deepawali: The Festival Of Lights
• Nine tips for nine nights
• need new prevention tech for HIV, other STIs and UP
• "Good health is India's basic need": Easier said than done Mr Prime Minister!