The Finance Ministry today ratified the hike in provident fund deposits for 2010-11 by 1 per cent to 9.5 per cent. A proposal for the hike was sent by the Labour Ministry in February.
The move is likely to benefit about 4.71 crore EPFO subscribers on their deposits for 2010-11.
EPFO claims that it will dip into the Rs. 1700 crore of unclaimed deposits lying with it to pay the higher return.
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