The Union Minister of Labour & Employment, Shri Mallikarjun Kharge chaired the 190th Meeting of the Central Board of Trustees (Employees’ Provident Fund). Shri Harish Rawat, Minister of State for Labour and Employment and Vice Chairman CBT, EPF, was also present. CBT discussed all 21 items placed before the board and decided to recommend the Rate of Interest to be credited o EPF members’ accounts for the year 2010-11 at 9.5 percent. Talking to the Media persons after the meeting Shri Mallikarjun Kharge said that the CBT want the PF money of the about 5 Crore workers to be safe and secure and invested in a manner to provide good return on their accounts. The rate of interest on EPF has been pegged at 8.5 % for the last five years from 2005-06 to 2009-10. Although the decision to provide 9.5 per cent interest rate would result in a deficit of about Rs 1,600 crore, the same would be made good by a surplus of Rs 1,731 crore in the interest account of the EPFO.
EPF 9.5%- PIB press release
Investors should be given an option whether they want to deploy their EPF money into the equity markets or not. Hence by doing so investors depending upon their risk appetite may either invest in equities or refrain from doing so.
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