Finance Ministry of India has approved rate interest of 8.5% for 2012-13 for EPFO subscribers which are up by .25 percent, which was 8.25 percent in the previous year. This will benefit around 5 crore subscribers of Employees provident fund.
The rate of interest 8.5 percent for 2012-13 will be implemented with immediate effect as per commissioner of EPFO Mr. Anil Swarup. He also said that EPFO will settle claim at 8.5 percent and credit the interest for 2012-13.
Central board of trustee (CBT) takes the decision about rate of interest on EPFO and it decided the rate of 8.5 percent for 2012-13. Now CBT will issue a notification to the EPFO department, only after which EPFO department gives credit the interest amount to the subscribers.
According to the rules, rate of interest on EPF should be decided before the financial year but now days it becomes a practice of delay and this time it is decided after the end of financial year.
Claims are settled on the previous year interest rates in the absence of notification about the interest rate. After only notified by CBT, subscribers can claim on differential rates.
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