AITUC wants govt to hasten 8.5% rate for EPFO depositors
8 April 2013 2:03 AM GMT
All India Trade Union Congress (AITUC) will press for early notification for payment of 8.5 per cent rate of interest to over 50 million EPFO subscribers for 2012-13 to ensure smooth settlement of claims.
'We will raise the issue of delay in payment of 8.5 per cent rate of return on PF deposits to subscribers for 2012-13 with the Labour Minister', All India Trade Union Congress Secretary D L Sachdev said.
He added, 'In the absence of any interest rate notification, EPFO is settling claims at 8.25 per cent interest rate on PF deposits for 2012-13.'
As a practice, EPFO provides previous fiscal's notified rate of interest on deposits for settlement of claims in cases where the current financial year's rate of return is not notified. EPFO had fixed rate of interest on deposits for 2011-12 at 8.25 per cent.
'We will raise the issue of delay in payment of 8.5 per cent rate of return on PF deposits to subscribers for 2012-13 with the Labour Minister', All India Trade Union Congress Secretary D L Sachdev said.
He added, 'In the absence of any interest rate notification, EPFO is settling claims at 8.25 per cent interest rate on PF deposits for 2012-13.'
As a practice, EPFO provides previous fiscal's notified rate of interest on deposits for settlement of claims in cases where the current financial year's rate of return is not notified. EPFO had fixed rate of interest on deposits for 2011-12 at 8.25 per cent.
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