Brushing aside apprehensions, retirement fund manager EPFO on Wednesday said PF trusts set up by corporates can pay a higher interest rate of 9.5 per cent for 2010-11 as they may also have surplus in their accounts.

"The recognised provident funds (PF) would not find any difficulty in paying 9.5 per cent rate of return to its depositors as they follow the same cash accounting system followed by EPFO," Central Provident Fund Commissioner Samirendra Chatterjee said. "We found surplus of Rs 1,731.57 crore when we analysed the accounts on accrual-based system. Similarly, they (exempted funds) would also find surplus following the same accounting method," he added.

Earlier on September 15, EPFO's Trustees raised interest rate on provident fund deposits to 9.5 per cent for 2010-11 benefiting nearly 4.71 crore employees of both public and private sectors.

There are over 3,000 recognised provident fund trusts which manage a huge corpus of about Rs 2 lakh crore.

These trusts, which are set up by corporates to manage provident fund of their employees, are required to pay a rate of return that is not less than the rate paid by EPFO.

As the Central Board of Trustees (CBT), the highest policy making body of the EPFO, had decided to raise the interest rate by a percentage point to 9.5 per cent, the PF trusts will also be required to match the rate of return. AGENCIES

From India, Mumbai
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From India, Rajkot

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