Trade unions, however, had demanded that the interest rate be fixed at 8.90 per cent.
Labour minister Bandaru Dattatreya. (Photo: PTI)
New Delhi: Labour minister Bandaru Dattatreya on Tuesday announced an interim hike in interest rate on employees’ provident fund (PF) to 8.8 per cent for 2015-16 fiscal from 8.75 per cent previously.
After chairing EPFO’s Central Board of Trustees meeting here, the labour minister said that the hike in interest rate is an “interim one” and indicated that it could be further revised later.
Trade unions, however, had demanded that the interest rate be fixed at 8.90 per cent.
The minister has also unveiled a new simplified one-page pension claim form to enable simplified processing and easier withdrawal. It replaces the current eight page form.
( Source : Deccan Chronicle. )
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