Govt considering further hike in EPF interest rate: Kodikunnil Suresh

Feb 19 2014, 19:14 IST
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SummaryKodikunnil Suresh said CBT EPF at its meeting has recommended 8.75 pct interest rate for 2013-14.

A proposal to revise the interest rate of Employees Provident Fund (EPF) by 0.25 per cent is under the consideration of the government.

Replying to a question in Rajya Sabha, Minister of State for Labour and Employment Kodikunnil Suresh said the Central Board of Trustees (CBT) Employees' Provident Fund (EPF), at its meeting, has recommended 8.75 per cent interest rate for 2013-14, which is an increase of 0.25 per cent over the previous year of 2012-13.

Stating that employees' representatives of CBT, EPF have been demanding an increase in the interest rate on EPF, he said, however, the interest rate depends upon the earning on the investment of the fund.

On the basis of the present earning, CBT, EPF has proposed an interest of 8.75 per cent, he added.

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