EPFO likely to raise interest rate on PF for FY16

The Employees' Provident Fund Organisation (EPFO) is likely to increase the interest rate on provident fund deposits for 2015-16, from the 8.75 per cent fixed for the last two financial years, during its trustees' meet on Wednesday.

"Though the proposal for fixing rate of interest on PF deposits is not listed on agenda, the EPFO's apex decision-making body the Central Board of Trustee (CBT) can announce the rate in its meeting scheduled on Wednesday," according to a source. The source further said the meeting has been called mainly to discuss the restructuring of EPFO, but since it has worked out income projections for the current financial year, the rate of interest can be fixed in Wednesday's meeting.