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EPF interest rate may be cut
By Our Special Correspondent
NEW DELHI
JUNE 24.
The Union Labour Ministry which had earlier insisted on continuation of 9.5 per cent as rate of interest on Employees Provident Fund (EPF), is taking a fresh look on the subject following the Finance Ministry's latest proposal for lowering the interest rate to nine per cent from 9.5 per cent to make it fall in line with the lowering of rates in small saving schemes and General Provident Fund (GPF).
In its communication to the Labour Ministry last week, the Finance Ministry turned down its recommendation for retention of the existing rate of interest on the EPF at 9.5 per cent. It has made a strong case for reduction of the interest rate by 50 basis points to bring it on par with the returns on other small saving instruments.
It has been argued by the Finance Ministry that higher rate of interest on the EPF would not be in alignment with general interest rates.
And even otherwise, the Government favoured a softer interest regime especially in view of low inflation.
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