EPF deposits to earn an interest of 8.5% for 2012-13
Salaried employees contributing towards the employee provident fund (EPF) will earn a tad more on their mandatory savings.
After a long wait, there is clarity on the interest rate for provident fund deposits. Salaried employees contributing towards the employee provident fund (EPF) will earn a tad more on their mandatory savings.
For the financial year 2012-13, EPF deposits will earn an interest of 8.5%, up 0.25 percentage point from a year ago. The interest rate became effective immediately after the announcement.
The Employees' Provident Fund Organisation (EPFO) can now settle provident fund claims and credit interest into existing accounts at 8.5% for 2012-13.
According to the norms, the interest rate to be paid on provident fund deposits during a financial year has to be notified before the fiscal begins. But, for the past few years, there have been delay in notification of the interest rate.
For the financial year 2012-13, EPF deposits will earn an interest of 8.5%, up 0.25 percentage point from a year ago. The interest rate became effective immediately after the announcement.
The Employees' Provident Fund Organisation (EPFO) can now settle provident fund claims and credit interest into existing accounts at 8.5% for 2012-13.
According to the norms, the interest rate to be paid on provident fund deposits during a financial year has to be notified before the fiscal begins. But, for the past few years, there have been delay in notification of the interest rate.
