Tuesday, 17 May 2011

Hike of Provident Fund Interest rate is under consideration

M Mallikarjun Kharge, Union Minister of Labour and Employment said that the government is looking to increase the rate of interest of Provident Fund (PF). The Press Trust of India reported this yesterday.  The present rate of interest for Provident Fund is 9.5 % and this was increased recently.

He continued that, “We are contemplating further increasing the interest rate on Provident Fund from the present 9.5 per cent.” "This time also we want to give more to the employees. We are working towards it” This has been told when inaugurating the Southern Zonal Office of Director General of Mines Safety at Bangalore.

It is a good movement from the side of Government that the employees (Subscribers or Provident Fund) will continue their PF amount in provident fund account till they retire from the service and the aim of provident fund (to give a amount to its subscribers after their retirement for supporting their retirement life).

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