In a pre-festival bonanza that will bring cheer to over 4.72 crore workers, the finance ministry on Thursday notified a 9.5 per cent interest rate on provident fund deposits for 2010-11.
The Employees’ Provident Fund Organisation (EPFO) had been paying an interest rate of 8.5 per cent to their members since 2005-06.
But in September last year the EPFO’s apex body — the Central Board of Trustees — had recommended an additional one per cent interest for 2010-11 after its member AD Nagpal discovered a surplus of Rs 1,731.57 crore in their books of accounts.
The Employees’ Provident Fund Organisation (EPFO) had been paying an interest rate of 8.5 per cent to their members since 2005-06.
But in September last year the EPFO’s apex body — the Central Board of Trustees — had recommended an additional one per cent interest for 2010-11 after its member AD Nagpal discovered a surplus of Rs 1,731.57 crore in their books of accounts.
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