Hike the rate of interest on General Provident Fund (GPF)

Gwalior

28-08-2011

To

The Secretary General,

National Audit Federation.

Sub: – Hike the rate of interest on General Provident Fund (GPF).

Sir,

           The rate of interest on General Provident Fund (GPF) which is pegged at 8 per cent should be reviewed so that government employees are not put to any disadvantage in a scenario where the interest rates for bank deposits has also been raised.

           Recently (on 2^nd August 2011), a Parliamentary panel also asked the Central government to increase the rate of return on provident fund for its employees in the light of rising bank rates and EPFO's decision to hike its rate to 9.5% for 2010-11.

          

           The EPFO had been paying 8.5% interest on PF deposits since 2005-06. In September last year, it had recommended an increase in interest rate to 9.5% for 2010-11.

           On behalf of the Civil Audit Association, Hyderabad unit I request you to look into the matter and raise the demand at appropriate level.

           Thanking you,

Yours faithfully,

P. RAHUL

(General Secretary)