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Govt raises EPF interest rate to 8.8 pc for 2015-16

Labour Minister Bandaru Dattatreya announced the decision to raise interest rate on a day employee unions had called nationwide protests against fixing interest rates lower than 8.8 per cent decided by the retirement fund body EPFO as well as 8.75 per cent paid for the previous fiscal.

"I am happy that finance ministry has agreed to 8.8 per cent for 2015-16," he told reporters here.

This is the third rollback on EPF. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals. Subsequently, it withdrew tighter withdrawal norms.
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