16-Mar-2012
Source : Magicgyan Team
Government has reduced the interest rate on deposits
in Employees Provident Fund from 9.5% to 8.25% for 2011-12. This is
likely to affect over 4.7 crore subscribers.
This cut was proposed by the Finance Ministry and a notification was issued by the Labour Ministry, official sources said.
The Employees’ Provident Fund Organisation (EPFO) had
provided 9.5% interest rate to its subscribers for 2010-11 after it
found Rs 1,731 crore surplus in its books of account.
With inputs from PTI
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