Indian government pension fund to face interest rate cut

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INDIA - The Employees Provident Fund, the main government-operated savings plan in India has announced it will cut interest rates to 8.5% for the financial year 2005-2006 to its 40 million participants, according to Watson Wyatt.

During the last three years, the interest rate paid by the Employees Provident Fund organisation (EPFO) stood at 9.5%. Watson Wyatt claimed that some political parties and trade unions have be...

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