EPFO asks private PF trusts to pay 9.5% interest
New Delhi, Sep 22 (PTI) Within days of raising the interest rate on provident fund deposits of the organised sector employees to 9.5 per cent, the EPFO today asked the company-sponsored PF trusts to pay the same rate for 2010-11.
“The recognised provident funds (PF) would not find any difficulty in paying 9.5 per cent rate of return to its depositors as they follow the same cash accounting system followed by EPFO,” Central Provident Fund Commissioner Samirendra Chatterjee said.
“We found surplus of Rs 1,731.57 crore when we analysed the accounts on accrual-based system. Similarly, they (exempted funds) would also find surplus following the same accounting method,” he added.
Earlier on September 15, EPFO’s Trustees raised interest rate on provident fund deposits by one percentage point to 9.5 per cent for 2010-11 benefiting nearly 4.71 crore employees of both public and private sectors.