Employees Provident Fund Organization (EPFO) has decided to retain interest rate on provident fund at 8.75 percent for the current fiscal. A decision in this regard was taken at the meeting of the Central Board of Trustees, the apex decision making body of the EPFO in New Delhi today. It will benefit over five crore subscribers across the country. Talking to reporters after the meeting, Labour and Employment Minister Narendra Singh Tomar said, the notification regarding enhancement of wage ceiling from the existing 6,500 to 15,000 rupees per month will be issued within couple of days. He said with the increase in wage ceiling around 50 lakh additional workers are expected to come under the ambit of EPFO. He also said, providing minimum monthly pension of 1,000 rupees under the Employees' Pension Scheme will also be notified soon. Mr Tomar said, it was also decided to constitute a Sub Committee for construction and contract workers to examine the various issues regarding the coverage of employees engaged in this sector and shall recommend strategies to widen the coverage and enrollment in this area.
News On AIR | August 27, 2014 3:55 PM
EPFO retains interest rate on provident fund at 8.75%