EPF interest rate up by 0.05%

EmployeesEmployees’ Provident Fund Organisation (EPFO) has increased the PF interest rate to 8.8 per cent for 2015-16 financial year.

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 %.

Several trustees lodged their protest, arguing that the government was changing the interest payment mechanism. They said even 8.95% interest rate would have left EPFO with a surplus of Rs 91 crore. At the proposed rate of 8.8%n EPFO would be left with a surplus of over Rs 6000 crore.

 

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