The government has cut the interest rate on the Employees' Provident Fund (EPF) by 1.25% to 8.25%for 2011-12, giving millions of salaried employees lower returns on their retirement fund, media reports said on Friday. The Employees' Provident Fund Organisation (EPFO) had provided 9.5 per cent interest rate to its subscribers for 2010-11 after it found Rs 1,731 crore surplus in its books of account.
The decision has already come under sharp attack from various trade unions. Dasgupta, who is a member of the EPFO Central Board of Trustees and General Secretary of the CPI-backed All India Trade Union Congress (AITUC), said the decision was not acceptable as it would affect the working class
Sunday, March 18, 2012
EPF rates cut to 8.25
