EPF rate of interest approved at 8.5 pc for 2006-07

New Delhi, Oct 20: The government today accorded its approval to notify the Employee Provident Fund (EPF) rate of interest for the year 2006-07 as 8.5 per cent.

All the regional offices dealing with Provident Fund have been instructed to immediately give effect to the above and issue annual statement of accounts for the year 2006 at the earliest possible time.

The Chairman, Central Board of Trustees (CBT), EPF and Minister of State (Independent Charge), Labour and Employment has directed that issue of annual accounts for the year 2006-07 is required to be done on war footing, an official statement said here.

The Employees' Provident Fund Scheme, 1952 requires that the interest will be credited to the account of each member at such a rate as determined by the Central Government in consultation with CBT.

CBT, which met on the July 23, 2007 to consider the proposal for determination of rate of interest payable to the members for the year 2006-07, had recommended interest at 8.5 per cent.

UNI