The Centre has approved payment of 8.75 per cent rate of interest on PF deposits in 2013-14 for over 5 crore subscribers of the Employees’ Provident Fund Organisation.

“The Finance Ministry has given its concurrence to the EPFO trustees’ decision to provide 8.75 per cent rate of interest to its members for the current fiscal,” an official said.

EPFO’s apex decision making body, the Central Board of Trustees (CBT) headed by Labour Minister had decided to raise interest rate for the current fiscal to 8.75 per cent from 8.5 per cent paid in 2012-13, in its meeting held on January 13, 2014.