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Thursday, March 25, 2010 - 06.11 GMT |
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EPF, highest
interest on member balances |
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Employees’ Provident Fund has declared the highest ever rate of interest of 13.75 per cent to its member balances in 2009.
This is an increase of 55 basis points compared to that of 13.20 per cent in the preceding year.
By end 2009, the total number of member-accounts increased to 12.7 million from 12.5 million in 2008. As at end 2009, the Fund (i.e. total liability to the members) stood at Rs. 752.2 billion recording a considerable increase of 16.6 per cent from Rs. 645 billion as at end 2008.
The total amount of refunds to the members and their legal heirs in 2009 was Rs. 31.9 billion, which is an increase of 23.2 per cent from that of Rs. 25.9 billion in 2008. Compared to the preceding year, the number of refund applications processed increased by 5.4 per cent to 108,066 applications during 2009.
The net contributions (contributions less refunds of benefits) stood at Rs. 16.3 billion during the year compared with that of Rs. 20.0 billion in 2008, reported CB.
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