New Delhi: Retirement fund body Employees' Provident Fund Organisation (EPFO) has increased the PF interest rate to 8.8 per cent for 2015-16 financial year.
Sources said, the EPFO has decided to hike the interest rate after it was approved by the Union Labour Minister Bandaru Dattatreya in the recently held meeting.
The existing interest is 8.75 per cent and it was increased by 0.05 %.
It was learnt that EPFO Finance Audit and Investment committee (FAIC) had early recommended 8.95 percent interest on PF deposits for the current fiscal. But it was brought down to 8.8 %.
As per rule, fixing the interest rate solely depends on EPFO's apex decision making body - Central Board of Trustees (CBT) because it provides rate of return from its own income without any assistance from the government.
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