EPFO may increase interest rate on PF from 8.75% for FY16

Report says that the Finance Ministry wants EPFO to retain the existing interest rate of 8.75% for FY 2015-16.

Employees' Provident Fund Organisation is planning to increase the interest rate on PF deposits for 2015-16, from 8.75 percent fixed for the last two financial years, during its trustees' meet tomorrow, according to reports.

Report says that the Finance Ministry wants EPFO to retain the existing interest rate of 8.75% for FY 2015-16.

The meeting is called mainly to discuss the restructuring of EPFO.

The income projections for the current fiscal suggest that the body can pay rate of interest which is slightly higher than 8.75 provided in 2013-14 and 2014-15, says report.