EPF trust has decided to increase the interest rate by 1% to 9.5%. This move is beneficial for all the employees - public and private alike. EPF means - Employee Provident Fund. This is a mandatory saving to be made by every employee. Each month a portion of the salary - normally 12% of the basic - is directed towards this. Employer also makes an equal contribution. The interest to be paid for this amount is decided by the EPF trust constituted by the Government of India. Last year the interest rate was 8.5% and for the current financial year it's been increased to 9.5%.
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