New Delhi, Aug 26 (IANS): The Employees Provident Fund Organisation (EPFO) Tuesday decided to retain 8.75 percent interest rate on provident fund deposits for its 50 million subscribers in 2014-15.
"It has been decided that the employees will get 8.75 percent interest rate in the current fiscal year," Union environment minister Narendra Singh Tomar said after a Central Board of Trustees (CBT) meeting chaired by him.
The EPFO had provided 8.75 percent rate of interest for 2013-14 as well, while the decision to retain the interest rate at last year’s level was taken despite some protest by the trade union members of the CBT.
Some trade unions had demanded a hike in interest rate to 9 percent, but the EPFO's calculations showed that this rate would result in a deficit of Rs.583 crore.
The final notification for payment of the interest rate for the current fiscal will be issued later by the finance ministry.