Despite some protest by the trade union members of the CBT, The board decided to retain interest rate on the PF deposits at last year's level of 8.75% for FY2015
The Employees' Provident Fund Organisation (EPFO) on Tuesday decided to retain interest payment on provident fund deposits for FY2014-15 at 8.75%.
"It has been decided to pay 8.75% interest in the current fiscal," Central Provident Fund Commissioner (CPFC) KK Jalan was quoted in news reports.
Earlier, the Central Board of Trustees (CBT), the apex decision making body of the EPFO had a meeting to finalise interest rate for FY15.
The EPFO has about five crore subscribers and the decision will have a bearing on their retirement fund.
The decision to retain the interest rate on the PF deposits at last year's level was taken despite some protest by the trade union members of the CBT, sources said.
The final notification for payment of the interest rate for the current fiscal will be issued by the Finance Ministry later.
The EPFO had provided 8.75% rate of interest on PF deposits for 2013-14, which was higher than 8.5% paid for the previous fiscal.
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