A decision in this regard was taken at the meeting of the Central Board of Trustees headed by labour minister Mallikarunj Kharge even though trade unions protested seeking higher interest rate. The final notification would be announced after taking finance ministry’s approval. There are around five crore active PF account holders, who would benefit from the marginal hike in interest rate.
The organisation had estimated that 8.6% of interest rate would be resulted in deficit of Rs. 240 crore whereas 8.5 % means a surplus of Rs. 4 crore.