EPFO expected to give higher rate of interest on PF in 2015-16

Retirement fund body EPFO is expected to give higher rate of interest on provident fund in 2015-16 and a decision is likely to be announced at its next board meeting in January.

Interest rate on provident fund has remained unchanged at 8.75 per cent in the last two financial years.

"There is a possibility of giving higher rate of interest in the current financial year. We are in talks with finance minister Arun Jaitley and will likely announce the interest rate at the next board meeting in January," labour minister Bandaru Dattatreya said after the CBT meet on Wednesday.

Commenting on the agenda for today's meeting, Dattatreya said a sub-committee has been set up to study the cadre restructuring.

"The committee will submit its recommendations by end of this month but it would be effective from today," the minister added.