New Delhi: Seeking to remove doubts from the minds of lakhs of workers, the government on September 28 ruled out lowering of interest rate on Employees Provident Fund (EPF) from the present 9.5 per cent.

"There is no such proposal," Labour Minister Sahib Singh Verma said addressing the 38th Session of the Indian Labour Conference (ILC) in New Delhi.

He said it was the employees' money and the rate of interest was decided by the EPF Board of Trustees.

"So, there is no question of bringing down the rate of interest," he said.

The Labour Minister said that he was asked everywhere whether the government planned to slash the rate of interest on EPF.

The Finance Ministry is believed to have asked the Labour Ministry to cut the interest rate in keeping with the falling interest regime and in view of the fall in the interest rates on small savings.

PTI