Provident fund deposits for 2014-15 : Government approves 8.75% interest rate

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About five crore subscribers will get 8.75% interest this fiscal on their PFD for the next year. Finance minister declared about the 8.75% interest rate of central board of trustees for the current fiscal.Interest rate was 8.5% in 2012-13 and this interest rate was same in 2012-14. According to labour minister PFD is need for notification by income tax department. Lastly it is implemented from notification date. According to central board trustee this interest is perfect. so it should be remain for some years. According to the EPFO’s income projection, payment of 8.8 per cent rate of interest would have left a surplus of Rs 77.15 crore. But since the income projection of Rs 29,136.42 crore for the current fiscal was done without factoring in interest payment burden due to enhanced wage ceiling, EPFO had suggested to fix 8.7 per cent rate of return on PF deposits for 2014-15.

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