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Finance Ministry approves 8.65% interest rate on EPF for 2016-17

The EPFO trustees had approved 8.65% rate on EPF in December 2016

Press Trust of India  |  New Delhi 


Labour Minister on Thursday said that the Ministry has approved 8.65 per cent on Employees (EPF) for 2016-17.

The ratification of the 8.65 per cent on will enable the retirement fund body Employees' Organisation (EPFO) to credit this rate of return into the accounts of four crore subscribers.

"Ministry has agreed to 8.65 per cent rate of interest. Now, the communication will come. The formal discussions are over," the minister said.

He further added, "We will immediately issue the notification and credit the rate of interest to over four crore subscribers."

The Employees' Organisation trustees had approved 8.65 per cent rate on in December last year.

The Ministry has been nudging the Labour Ministry to lower the rate for aligning it with the rates of small savings schemes like PPF.

First Published: Fri, April 21 2017. 08:30 IST