Union Minister for Labour and Employment M Mallikarjun Kharge today said the government was looking at further hiking the interest rate on Provident Fund from the present 9.5 per cent.
"We are contemplating further increasing the interest rate on Provident Fund from the present 9.5 per cent. The interest rate on EPF (Employees Provident Fund) was increased to 9.5 per cent recently.
"This time also we want to give more to the employees. We are working towards it", he said while inaugurating the Southern Zonal Office of Director General of Mines Safety here.
Kharge also said the Ministry was bringing in 32 amendments to the Mines Safety Act formulated in 1952 wherein a number of stringent steps would be introduced for the safety of mine workers.
"The steps include increasing the penalty for violating mines safety norms from Rs 1,000 to Rs 1 lakh.