Over five crore provident fund subscribers governed by the EPFO will get 8.75% interest on their deposits for the current fiscal.
The Finance Ministry has ratified the rate for 2014-15, after a decision was taken to retain the interest payout at this level by the Central Board of Trustees of the Employees' Provident Fund Organisation, sources said.
As per the practice, EPFO trustees' decision gets implemented after the concurrence of the Finance Ministry.
Following the ratification by the Finance Ministry, the decision would now be notified by the Labour Ministry as also by the Income Tax Department.
The Finance Ministry has ratified the rate for 2014-15, after a decision was taken to retain the interest payout at this level by the Central Board of Trustees of the Employees' Provident Fund Organisation, sources said.
As per the practice, EPFO trustees' decision gets implemented after the concurrence of the Finance Ministry.
Following the ratification by the Finance Ministry, the decision would now be notified by the Labour Ministry as also by the Income Tax Department.
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