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Our Bureau

New Delhi , Jan. 10

THE Government has notified the rate of interest payable for employees provident fund deposits for 2005-06 at 8.5 per cent, according to an official release.

The Ministry of Labour issued the notification here on Tuesday. Earlier, the Employees Provident Fund Organisation (EPFO) had recommended 8.5 per cent to the Ministry.

Even for paying 8.5 per cent interest rate to its near four-crore subscribers, the EPFO would have to meet a deficit liability of Rs 365.89 crore from within its own resources.

It would have to pay Rs 6,889.04 crore as interest to its subscribers for the current financial year while its projected interest income will be Rs 6,523.15 crore.

The EPFO, the Minister had said earlier, will meet the deficit liability from within its own resources. However, till now no decision had been taken with regard to how this extra amount could be arranged, officials said.

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