EPFO brings cheer to 6 cr subscribers; PF interest rate hiked to 8.8% for FY 2015-16

Zee Media Bureau

New Delhi: In an effort to bring cheers to its more than 6 crore subscribers, retirement fund body EPFO on Tuesday announced to hike interest rate on PF deposits to 8.8 percent for this fiscal, which is higher compared to 8.75 percent provided in previous two fiscals.

The EPFO paid 8.75 percent rate of interest for 2013-14 and 2014-15 financial years to its subscribers. It has over six crore subscribers on the provident fund deposits.

Earlier, the EPFO advisory body had recommended 8.95 percent rate of interest for the current fiscal which is higher than 8.75 per cent provided in 2013-14 and 2015-16.

EPFO manages a huge corpus of over Rs 6.5 lakh crore with an incremental annual deposits of Rs one lakh crore.

The EPFO provides rate of interest from the earning on investments of formal sector workers’ funds without any assistance from the government.