Trade Unions to press for 9.5 per cent interest on PF deposits for FY'14

Trade unions will press for 9.5 per cent interest on PF deposits to over five crore subscribers for the current fiscal at next week's meeting of the trustees of retirement fund body EPFO. 

The Employees' Provident Fund Organisation's apex decision making body the Central Board of Trustees (CBT) will meet on Monday to discuss and approve the proposal regarding rate of return to be provided on PF deposits in 2013-14. 

"We will demand for 9.5 per cent rate of interest for subscribers for the current fiscal, higher than 8.5 per cent provided for 2012-13," All India Trade Union Secretary and a CBT member D L Sachdev told PTI. 

He said: "This rate of 8.5 per cent is less than the interest provided by banks these days, and would not be able to cover inflation." 

Retail inflation for industrial workers in November was 11.47 per cent. This is the rate of inflation which is used by central government for computing hike in Dearness Allowance. 

According to EPFO estimates in its proposal for the trustees, payment of 8.5 per cent rate of interest on PF deposit for this fiscal would leave a small surplus of Rs 56.96 crore. 

The EPFO, which is estimated to have an income of Rs 20,796.96 crore in the current fiscal, needs Rs 20,740 crore to pay 8.5 per cent interest to its subscribers, as per the agenda listed for the CBT meeting. 

Resolution – accumulations at the credit of subscribers to the GPF and other similar funds – 2012-2013.

(PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA)
F.No.5(1)-B(PD)/2013
Government of India
Ministry of Finance
(Department of Economic affairs)

New Delhi, the 8th April, 2013

RESOLUTION

   It is announced for general information that during the year 2013-2014, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rates will be in force during the financial year beginning on 1.4.2013.

The funds concerned are :-

1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

   2. Ordered that the Resolution be published in Gazette of India.

Sd/-
(Peeyush Kumar)
Director (Budget)

Source:http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/resolution13.pdf

GPF and SDS Interest Rates Revised for the Financial Year 2012-13.

   Government of India has revised the Interest Rates for the financial year 2012-13 in respect of State PFs (GPF) and Special Deposit Schemes (SDS) for non-government Provident, Superannuation and Gratuity funds (SDS), 1975, from 8.6% to 8.8%  with effect from 01.04.2012. The funds concerned are:-
 
1. The General Provident Fund (Central Services).

2. The Contributory Provident Fund (India).

3. The All India Services Provident Fund.

4. The State Railway Provident Fund.

5. The General Provident Fund (Defence Services).

6. The Indian Ordnance Department Provident Fund.

7. The Indian Ordnance Factories Workmen’s Provident Fund.

8. The Indian Naval Dockyard Workmen’s Provident Fund.

9. The Defence Services Officers Provident Fund.

10. The Armed Forces Personnel Provident Fund.

PIB

Resolution - accumulations at the credit of subscribers to the GPF and other similar funds - 2011-2012.

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.NO. 5(1)-B(PD)/2011
Government of India
Ministry of Finance
(Department of Economic Affairs)

New Delhi, the 19th March, 2012

RESOLUTION

   It is announced for general information that during the year 2011 2012, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight per cent) for the period from 1.4.2011 to 30.11.2011 and 8.6% (eight point six percent) with effect from 1.12.2011.  The funds concerned are:—

1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.

   2. Ordered that the Resolution be published in Gazette of India.

sd/-
(Brajendra Navnit)
Deputy Secretary (Budget)

Source:http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/resolution11.pdf