EPFO panel skirts proposal on 8.5% interest on deposits

Feb 16 2013, 09:42 IST
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'Even a partially higher interest rate of 8.6 per cent could result in a deficit of Rs 240.49 crore.' (Reuters) 'Even a partially higher interest rate of 8.6 per cent could result in a deficit of Rs 240.49 crore.' (Reuters)
Summary'Even a partially higher interest rate of 8.6 per cent could result in a deficit of Rs 240.49 crore.'

us longer than expected.Ē Trade union leaders had earlier pitched for hiking the return on PF deposits to 8.8 per cent, which would bring it at par with the interest rate offered by the Public Provident Fund (PPF).

The increased payout, they had argued, would be possible by using returns on inoperative accounts, which have deposits of around Rs 22,000 crore.

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