Unmoved by protest threats by trade unions, a top Finance Ministry official on Tuesday said there is ‘no question’ of going back on decision to fix interest rate at 8.7 per cent for EPF subscribers, down from 8.8 per cent decided by retirement fund body EPFO. The Finance Minister, the source said, has approved 8.7 per cent interest rate on EPF for 2015-16 after taking into consideration various factors.
“There is no question of going back on 8.7 per cent,” the official said. The Finance Ministry's decision to fix a lower interest rate than what was suggested by the EPFO's apex decision CBT has evoked sharp criticism from trade unions.”