The Employees’ Provident Fund Organisation is likely to add to the festive cheer by announcing an 8.8 per cent return on retirement savings for 2012-13, significantly higher than the 8.25 per cent set for the previous financial year.
“Our calculations work out to a 8.6 per cent return for 2012-13. But there is tremendous pressure and expectation from the EPFO, and we could take it up to 8.8 per cent to match the interest rate on Public Provident Fund,” a senior PF official said. The increased payout will be possible by using returns on inoperative accounts, which have deposits of Rs 22,000 crore, the official said.
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