The Union government reversed a cut in the interest rate on Employees’ Provident Fund (EPF) on Friday—the third decision related to the retirement savings fund to be rolled back in two months.
The estimated 40 million organized sector employees will earn an 8.8% interest on their EPF for 2015-16, the government said, having earlier cut it by 10 basis points to 8.7%. One basis point is one-hundredth of a percentage point.
