(Adds details, changes sourcing)
NEW DELHI, March 28 (Reuters) - India's pension fund
body on Tuesday recommended marginally increasing the interest
rate on deposits with it to 8.15% for the current financial year
from 8.1% in the previous year, the labour ministry said in a
statement on Tuesday.
Last year's interest rate was the lowest in nearly 25 years.
The interest rate would be officially notified in the
government gazette after the finance ministry's approval.
The rate for the 2022/23 year ending March 31 was
recommended after a meeting between the labour ministry and the
central board of trustees of the Employees' Provident Fund
Organisation (EPFO).
"The recommended rate of interest of 8.15% safeguards
the surplus as well as guarantees increased income to members,"
the labour ministry said.
The EPFO, which has a fund corpus of nearly 17 trillion
rupees ($206.85 billion), saw a year-on-year income growth of
more than 16%, it said.
($1 = 82.1850 Indian rupees)
(Reporting by Sarita Chaganti Singh; Writing by Sudipto
Ganguly; Editing by Christopher Cushing and Raju Gopalakrishnan)
@Sudipto_Reuters;))
