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The finance ministry has provided its approval for 8.7 percent interest rate on provident fund deposits for 2015-16 which is lower than that recommended by the labour ministry as well as the rate offered in the preceding two financial years.
The Labour Secretary Shankar Agarwal said that “The finance ministry, through a letter written to us last week, has approved 8.7 per cent interest rate on PF deposits for 2015-16 as against the recommended 8.8 per cent.”
“We have sought comments from the central provident fund commissioner, following which we will write back to finance ministry on this,” he added.
