EPFO yet to finalise interest rate for 2012-13
PRESS TRUST OF INDIA
New Delhi, July 15: Interest rate on employees' provident fund for the current fiscal is yet to be fixed despite the first quarter of the year 2012-13 having ended, raising concerns among its subscribers.
There are about five crore subscribers under the retirement fund scheme run by the Employees' Provident Fund Organisation (EPFO).
EPF rates were reduced from 9.5 per cent in 2010-11 to 8.25 per cent during the last fiscal.
The decision regarding the interest rate is taken by the EPFO's Central Board of Trustees headed by the Labour Minister.
"We have no information about the next meeting of the CBT and so far the issue of interest rate has not come before the trustees for approval," Hind Mazdoor Sabha Secretary and an EPFO trustee A D Nagpal told PTI.
Another trustee said that ideally the rate should be announced before beginning of a financial year so that the subscribers have a sense of surety and the accounts are settled without any problem.
The issue did not come up for discussion during the last meeting of the trustees held on May 25.
According to sources, the EPFO has not even decided to convene the next meeting of the trustees and the issue of interest rate may linger on for some time.
The trustees' meet is also crucial because the issue of fixing minimum pension of Rs 1,000 per month for its subscribers was deferred during the last meeting held in May this year.
Lastupdate on : Sun, 15 Jul 2012 21:30:00 Makkah time
Lastupdate on : Sun, 15 Jul 2012 18:30:00 GMT
Lastupdate on : Mon, 16 Jul 2012 00:00:00 IST
- MORE FROM BUSINESS
- Kashmiri sellers get good business at Indian Jewellery Show
- Internet users resent hike in web surfing costs
- Kingfisher pilots plan to move labour court
- Aryans counselling for JK students on July 17,18
- June inflation, corporate results to keep trade choppy: Experts
- Dollars invited
- 10% duty on sugar imports proposed
- KU hosts seminar
- Supplies outside Parimpora Fruit Mandi Complex
- EPFO yet to finalise interest rate for 2012-13
- Govt kick-starts disinvestment process for TCIL
R M BHAT
Beeru (Budgam) July 15: A three hundred year old Sufi Shrine of Baba Haneefudin (RA) was gutted in a fire incident at Rathsun here in central Kashmir last night. The Sufi Shrine of Baba Haneefudin More
- Srinagar City
Encroachments resurface in violation of High Court directions;
Srinagar, July 15: Notwithstanding statements of the ruling coalition that Jhelum beautification would be completed on priority basis, the upcoming skewed bridge across the river seems to be last nail More
VLDS FAILS TO DELIVER
JAMMU, JULY 15: In the backdrop of poor response from the consumers, the Power Development Department of Jammu and Kashmir has extended its much hyped Voluntary Load Disclosure Scheme (VLDS) up to August More
- For Contributors
Our contributors are our capital. We honor each word we receive from them. They add variety to our opinion pages. An ever widening canvas of our writers including students, teachers, civil servants, technocrats More
- Education and Career
50 percent seats reserved for Muslims; entrance test held today
New Delhi, July 15: Jamia Hamdard University, which is known for its contributions in the field of health care sciences, has added another feather to its cap with its new Medical College becoming operational More