EPF Interest Rate increased to 8.60% from 8.25%

Employees' Provident Fund(EPF) interest rate increased to 8.6% from 8.25% today for the current fiscal, a move which will benefit around five crore subscribers. "The rates were brought down due to lower income (on investment in Special Deposit Schemes)...There is no question of minimum or maximum interest rates. We distribute it as per our revenue. Next time, it will be 8.6 per cent," Labour Minister Mallikarjun Kharge said in the Rajya Sabha replying to a debate on working of Labour Ministry.
The Employees' Provident eFund Organisation (EPFO) had brought down the rate of interest to 8.25 per cent for 2011-12 from 9.5 per cent provided in 2010-11. Stating that his ministry is taking pro-active steps to address issues related to labour, Kharge said, the government has enacted laws to protect workers and provide them additional benefits like assured job, food and medicines.