In a move that will have an impact on the savings of about 170 million subscribers of the Employees’ Provident Fund, the Central Board of Trustees of the Employees’ Provident Fund has recommended a rate of 8.65% for the year 2016-17, which is 15 basis points (bps) lower than 8.8%, which was the return that your EPF savings earned in 2015-16. This is, however, still 216 bps more than the 10-year government bond (security) yield, and above the Public Provident Fund (PPF) rate of 8.1%. One basis point is one-hundredth of a percentage point.