Govt notifies 8.5% EPF interest for FY07

The central government has notified the Employees Provident Fund (EPF) rate of interest at 8.5 per cent for 2006-07.

The Central Board of Trustees (CBT) of EPF, in July, had recommended interest at 8.5 per cent. The government has now accorded its approval to notify the specified rate of interest for the year.

Regional Provident Fund Commissioners were also directed by CBT and Minister for Labour and Employment Oscar Fernandes to issue the annual statement of accounts for 2006-07 at the earliest to subscribers.

The much-awaited decision comes after the acceptance of a report of a sub-committee appointed to look into the accounts of EPF.