The employee's provident fund organisation (EPFO), the labour ministry controlled retirement fund body on Tuesday decided to retain the 8.75 % rate of interest on provident fund deposits for the current fiscal.
The decision was taken at a meeting of EPFO’s apex decision making body the Central Board of Trustees chaired by Labour Minister Narendra Singh Tomar.
“A number of important decisions were taken today at the meeting and retaining the interest rate on provident funds was one of them,” Tomar told reporters.
A formal notification to this decision would be done by the Finance ministry.
Another important decision taken by the board was to appoint credit rating agency CRISIL as consultant for the third time to engage new fund managers and evaluate their performance for three-year term beginning April 1
The ministers also said the government had appointed two separate committees to find ways to bring the construction and contract workers under the EPFO umbrella.
Other initiatives discussed and fromalised during the meeting included making inspections schemes transparent by routing all inspections through a centralised web portal, and issuing universal account number to all contributors of the provident fund.