EPFO likely to give 8.6% interest
- Dadri reminds us how PM Modi bears responsibility for the poison that is being spread
- Kill policemen, never commit suicide: Hardik tells Patel youth
- From Arvind Kejriwal to Rahul Gandhi: Who said what on Dadri lynching
- Forensic lab rules out drug overdose in Indrani Mukerjea case
- Bihar polls: After Nitish Kumar's remark, BJP promises free petrol for scooties
Over 50 million subscribers of the retirement fund body EPFO may get 8.6 per cent return on their investment during 2012-13, higher than 8.25 per cent provided in the last fiscal.
"The EPFO has worked out 8.6 per cent rate of return for the current fiscal. Payment of 8.6 per cent interest will not result in any deficit to the organisation," sources said.
The Employees Provident Fund Organisation (EPFO) had paid 9.5 per cent interest in 2010-11, before scaling it down to 8.25 per cent in 2011-12 fiscal.
The organisation, sources said, could even pay higher interest of about 9 per cent by appropriating returns on Rs 22,000 crore corpus lying in inoperative accounts.
The inoperative accounts are those accounts wherein the contribution has not been received for 36 months. EPFO had last year decided not to credit interest earned from the inoperative accounts.
Under ordinary circumstances the EPFO is expected to announce interest rate at the beginning of the year.