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Govt raises EPF interest rate

press club of india, Indian Tehalka News

The interest rate for FY 2015-16 has been marginally hiked by 0.1 per cent.

In the third roll-back in two months, the government on Friday raised the Interest Rate on employee provident fund (EPF) contributions to 8.8 per cent for 2015-16 against 8.7 per cent approved by the Finance Ministry last week.

Labour Minister Bandaru Dattatreya announced the decision to raise interest Rate on a day employee unions had called nationwide protests against fixing interest rates lower than 8.8 per cent decided by the retirement fund body EPFO as well as 8.75 per cent paid for the previous fiscal.

“I am happy that finance ministry has agreed to 8.8 per cent for 2015-16,” he told reporters here.

This is the third rollback on EPF. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals. Subsequently, it withdrew tighter withdrawal norms.

From: The Hindu

This post first appeared on Press Club Of India, Indian Tehelka News Delhi, Pr, please read the originial post: here

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Govt raises EPF interest rate


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