The interest rate of Employees' Provident Fund has been raised to 9.5 per cent by the Central Board of Trustees. The higher rate of interest will be applicable for the current fiscal and will benefit nearly five crore workers of the organised sector. The current rate of interest on the Provident Fund deposits is 8.5 per cent. The Central Board of Trustees is the highest policy making body of the Employees' Provident Fund Organisation. The recommendations of the Central Board of Trustees headed by the Labour Minister Mallikarjun Kharge will be forwarded to the Finance Ministry. Our correspondent says that traditionally the Finance Ministry accepts the CBT recommendations. The one percent hike in the interest rate will put a financial burden to the tune of 1,600 crore rupees.