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Business Today

Retirement fund body Employees' Provident Fund Organisation, EPFO, may announce an interest rate of 8.5 per cent on provident fund deposits for 2013-14 to its over five crore subscribers, the same as provided for last fiscal.

The Employees' Provident Fund Organisation (EPFO) will launch an online facility on September 6 where over 5 crore subscribers can view their updated accounts.
The full fledged service of online transfer of PF accounts on changing jobs would be possible only after employers' have digital signatures for the purpose.
In order to give effect to the proposal, EPFO has called a meeting of all zonal heads on July 5, to draw an action plan.
Salaried employees contributing towards the employee provident fund (EPF) will earn a tad more on their mandatory savings.
The EPFO is all set to launch a facility to provide online the updated provident fund (PF) account statements on real time basis for its over 5 crore subscribers.
Employees' Provident Fund (EPF) compliance is very poor in India and just 8 per cent of the country's total workforce is currently under the scheme.