Union Labour Minister Bandaru Dattatreya on Monday said that the government has fixed 8.65 percent interest on Employee Provident Fund (EPF) deposits, adding this is the best rate that can be fixed in the present economic scenario.
Dattatreya told ANI that this was one of the three major decisions taken in the 215th meeting of the Employees Provident Fund Organisation's Central Board of Trustees.
"We have decided to fix the interest rate at 8.65 percent for 2016-17. This decision has been taken considering the overall economic scenario and this was highest possible interest rate that could be paid under the present circumstances," he said.
Stating that on one side inflation is decreasing and the interest rates are going down on the other, Dattatreya said: "This proves that Prime Minister Narendra Modi-led government has kept the interest rates in front of its workers in clear manner."
The EPF subscribers got 8.8 percent rate of interest on their provident fund savings in 2015-16 and 2014-15 respectively. This is the lowest rate in the last seven years.
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