The Finance Ministry has approved 8.7 % interest
on PF deposits for over 5 crore subscribers of retirement body EPFO,
lower than 8.8 % decided by the Central Board of Trustees (CBT).
“The
(EPFO’s apex decision-making body) CBT, at its meeting held in February
2016, has proposed an interim rate of interest at 8.8 % to be
credited to the accounts of Employees’ Provident Fund subscribers for
2015-16.
The Ministry of Finance has, however, ratified an interest rate
of 8.7 %,” Labour Minister Bandaru Dattatreya said in a written
reply to the Lok Sabha on Monday April 25,2016
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