New Delhi: Provident fund trustees will press for increasing the interest rates on PF to at least 12 per cent to prevent value erosion of deposits of over 4-crore government and non-government employees in the wake of soaring inflation.

“We would demand interest rate of something around 12 per cent for the current year (2008-09),” CITU national secretary W.R. Varadarajan, who is also member of Central Board of Trustees of EPFO told PTI. When inflation was running amok, interest rate should be restored to 2000 level of 12 per cent, he said. Presently, the government is paying interest rate of 8.5 per cent on provident fund deposits. PTI