Union Labour Minister Bandaru Dattatreya on Thursday said the Finance Ministery has revised interest rate on Employees' Provident Fund (EPF) to 8.65 per cent for the financial year 2016-17.
“Finance Ministry has approved 8.65% interest rate on EPF for 2016-17” Dattatreya said.
The change in interest rates will enable the retirement fund body Employees' Provident Fund Organisation (EPFO) to pay this interest rate to accounts of nearly four crore subscribers.
There will surplus fund after providing 8.65 per cent interest rate for the last fiscal, according to EPFO estimates.
(With inputs from agencies)