Government gives in to pressure, EPF interest rate increased to 8.8% from 8.7%
29 Apr, 2016, 04.30PM IST
NEW DELHI: Giving in to pressure from trade unions, the finance ministry has agreed to increase interest rate on provident fund deposits to 8.8 per cent from the 8.7 per cent decided by it earlier.
The rollback comes after the Finance Ministry and the Labour Ministry were locked in an intense tussle over the rate of interest on EPF deposits for 2015-16 with the former pegging the rate at 8.7 per cent, 10 basis points lower than decided by the EPFO.
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