Provident fund: NBP asked to make payment at best available interest rates

Although, the Supreme Court on Monday decided not to proceed against President National Bank of Pakistan (NBP) Syed Ali Raza over a contempt of court notice issued for non-implementation of courts order of 2003 regarding payment of provident fund, it directed the bank to pay the fund in six weeks after calculating the interest at best available rates among its 17,221 employees.
On September 15, the court had ordered Syed Ali Raza to appear in person before the court and explain why he should not be proceeded against committing contempt by violating the apex Court orders of 2003 and 2009 in which the court had directed that the employees were entitled to receive entire amount they contributed under the Provident Fund including the amount contributed by them and the Bank along with interest up to the date of payment.