The Finance Ministry has rejected the 9.5% interest pay out proposed on provident fund savings for 2010-11 saying the ‘surplus funds’ found by the PF department from its past accounts were ‘unverifiable.’ Labour Minister Mallikarjun Kharge had recommended raising the employees’ provident fund (EPF) rate to 9.5% in September 2010 after the PF department’s accounts revealed a surplus from the past.
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