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FinMin ratifies 8.5% interest on PF for FY13

The Finance Ministry has approved payment of 8.5 per cent rate of interest for 2012-13, up from 8.25 per cent in the previous fiscal, benefiting over 5 crore EPFO subscribers.

'Finance Ministry has notified 8.5 per cent interest rate for 2012-13. It will be implemented with immediate effect,' EPFO's Central Provident Fund commissioner Anil Swarup said.

The notification, he further said, ‘will enable EPFO to settle claims at 8.5 per cent and also credit interest into the accounts of subscribers for 2012-13.’

The Employees Provident Fund Organisation's decision making body, the Central Board of Trustee, had decided to pay 8.5 per cent rate of interest to subscribers for FY13.

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