Finance Control

Finance Min. approves 8.7% interest on EPF for 2015-16

The Finance Ministry has approved 8.7 percent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 percent 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 percent 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 percent,” Labour Minister Bandaru Dattatreya said in a written reply to the Lok Sabha today.