Your employee provident fund account would earn 8.75% interest in 2013-14. The Central Board of Trustee of the Employee Provident Fund Organisation (EPFO) recommended the rate to government on Monday. In 2012-13, the rate of interest was 8.5%.
The meeting was chaired by Oscar Fernandes, Union Minister of Surface Transport and Labour & Employment.
The Board has also decided to increase by 20% the maximum amount received by an EPFO member under the Employee Deposit Linked Insurance (EDLI) plan from Rs 1,30,000 to Rs 1,56,000. Under EDLI, a nominee of an EPFO member gets insurance cover if he/she dies before retirement.
The employer contributes 0.5% of basic pay up to Rs 6,500 towards the premium under the EDLI scheme every month.
In another decision, the Board has also decided to increase the minimum charges payable towards administration of EPF accounts from the existing Rs 7 per month to Rs 100 a month for establishment with no contributory members and Rs 700 a month for other establishments. These charges are being revised after a gap of 28 years.
The Board also adopted the audited annual accounts for the year 2012-13 which showed a growth rate of 16.14% in the collection under EPF, 9.18% under Employee Pension Scheme and 9.48% under EDLI scheme.
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