Govt okays lowering of PF rate to 8.65% for 2016-2017

According to EPFO estimates, the fund will see a surplus after providing 8.65 percent rate

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PTI

Last Updated : Apr 17 2017 | 9:37 AM IST

The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 percent rate of interest on employees' provident fund for 2016-17, which will benefit over four crore EPFO members.

The Finance Ministry in its communication to the Labour Ministry has, however, put a rider that the interest rate should not result in a deficit for the retirement fund. This will enable the Labour Ministry to provide 8.65 percent rate as decided by the Employees' Provident Fund Organisation (EPFO) trustees.

According to EPFO estimates, the fund will see a surplus after providing 8.65 percent interest rate for the

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