The Finance Ministry has given its nod for the Labour and Employment Ministry to fix the rate of interest payable to Employees Provident Fund subscribers at 8.25 per cent for 2011-12, instead of at 9.5 per cent paid in 2010-11.
The decision was taken in keeping with the finances of the Employees' Provident Fund Organisation, which manages the PF fund, a senior official said.
“They are paying from the interest they get from what they invested two or three years ago in financial institutions. So what is reflected now to the PF subscribers relates to the investment made earlier and the rate of interest that prevailed then in the market.”
No comments:
Post a Comment