M A I N   N E W S

EPF subscribers likely to get 9.5% interest

New Delhi, February 15
Around 4.71 crore Employees’ Provident Fund (EPF) subscribers are likely to get 1 per cent increase in interest to 9.5 per cent on their deposits for 2010-11 with Labour Minister Mallikarjun Kharge today expressing hope the Finance Ministry will shortly approve the proposal.

“I hope that after we answered all clarifications, they (Finance Ministry) will approve it (9.5 per cent interest rate for 2010-11),” he said.

Kharge was speaking to reporters after a meeting of the Central Board of Trustees (CBT), the apex policy making body of the EPF. The CBDT also decided not to invest in stock markets.

“As far as 9.5 per cent interest (2010-11) is concerned, the Finance Ministry had sought some clarifications. Those clarifications have been sent by Labour Secretary to the Finance Ministry,” he added.

Downplaying the ongoing tussle between the two ministries over hiking the interest rates on PF deposits, Kharge said, there was ‘no tussle between the two ministries over giving 9.5 per cent interest rate and these were just consultations between the two ministries.