HomeGPF9.5% interest on PF deposits for 2010-11

9.5% interest on PF deposits for 2010-11

Over 4.7 crore employees will get 9.5 per cent interest on provident fund deposits for the year 2010-11.

The Finance Ministry on Thursday ratified the hike in provident fund deposits for 2010-11 by 1 per cent to 9.5 per cent. A proposal for the hike was sent by the Labour Ministry in February.

The EPFO had been paying 8.5 per cent interest on PF deposits since 2005-06.

EPFO claims that it will dip into the Rs. 1700 crore of unclaimed deposits lying with it to pay the higher return.

The EPFO’s apex decision making body – The Central Board of Trustees – had earlier decided on a 9.5 per cent rate of return on retirement savings in 2010-11 after it found a surplus of Rs. 1,731 crore.

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