Months before the general elections, the government announced 8.75 per cent interest on savings in the Employees’ Provident Fund (EPF) for 2013-14. This is 0.25 percent more than the interest paid in 2012-13 (8.5 per cent). The hike will benefit over 6 crore subscribers of the EPF Organisation. In 2011-12 they had got 8.25 percent and in 2010-11 an all time high of 9.5 percent.
The EPFO Board of Trustees also increased by 20 per cent the benefits payable on the Employees' Deposit Linked Insurance Scheme. Under this scheme, the family of a worker can get a maximum of Rs.1,30,000 in case of his/her demise during service. After the 20 per cent raise, the maximum amount would now be Rs.1,56,000.
