Indian government has decided to keep EPF interest
rate at 8.75 per cent for 2014-15. The decision was taken after a meeting of
the tripartite Central Board of Trustees of the Employees Provident Fund
Organisation (EPFO), chaired by Labour Minister Bandaru Dattatreya.
The decision will now be forwarded to the Finance
Ministry for clearance, after which it will be notified.
The meeting also decided to set up a separate
committee to look into the “question of deployment of EPFO funds for low-cost
housing, especially matters related to investment.
A mechanism for regulating the investments made by
exempted funds will also be worked out by the committee. It was also decided
that to allow EPFO to open accounts with other nationalised banks in addition
to State Bank of India to facilitate collection of contributions from
employers.
Also, the trustee recommended that the maximum
permissible time for EPF claim settlement be brought down from 30 days to 20
days.
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