EPFO is also considering to offer 9.5 per cent return on PF deposits for a second year in a row

The Employees Provident Fund Organisation, the management of India's biggest retirement fund, is considering to offer 9.5 per cent return on PF deposits for a second year in a row for the financial year 2010-11. The finance ministry has already given its approval to the proposal. The EPFO has some 5.3 crore accounts and a huge corpus of over Rs 350,000 crore.The organisation also plans to further streamline the account settlement procedure and has set a target for itself to settle all withdrawal applications within a month from the date of petition. This will become operational within two months. Towards this end, the organisation aims to fully update some 4.72 crore accounts immediately.At a review meeting of regional provident fund commissioners, labour and employment minister Mallikarjun Kharge said the ministry has given an undertaking to finance ministry to update all 4.72 crore PF accounts by September 16 this year.He cautioned officers of EPFO against any delay in settlement of claims and upgradation of account, saying their performances was being closely monitored.