Interest on PF raised to 9.5 per cent

New Delhi, September 15:

In a major bonanza to around five crore organised workers of the country, the Provident Fund Trustees today decided to give a higher interest rate of 9.5 per cent for 2010-11 on their retirement savings.

The steep one percentage points increase has taken the interest on PF deposits of 4.71 crore organised sector workers to a five-year high from the current level of 8.5 per cent.

The decision to raise the interest rate was taken by the Central Board of Trustees (CBT), the highest policy making body of the Employees Provident Fund Organisation (EPFO), sources said.

Sources say that the decision to provide 9.5 per cent interest rate would result in a deficit of about Rs1,600 crore, the same would be made good by a surplus of Rs1,731 crore in the interest suspense account of the EPFO.

Its Really a good News For Employees..

Ayush Agrawal

Source : EPFO