Govt raises EPF interest rate to 8.8% from 8.7%

29 April, New Delhi

The government Friday raised the interest rate on employees provident fund (EPF) contributions to 8.8 per cent for 2015-16 against 8.7 per cent approved by the Finance Ministry last week.

Labour Minister Bandaru Dattatreya announced the decision to raise interest rate.

Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals. Subsequently, it withdrew tighter withdrawal norms.