The Hindu Business Line : No word on EPF interest rate

Though the United Progressive Alliance (UPA) Government has assured higher interest rates on savings, the new Labour Minister, Mr Sis Ram Ola, has refused to comment on the status of interest rate on deposits with the Employees Provident Fund. The decision on the declaration of EPF interest rate is overdue for long.

Accreditation of interest on EPF has been withheld since April 2004 because of the failure of the Centre to declare the interest rate.

It is time the Labour Minister, who is also the chairman of the Central Board of Trustees, EPF, convened the CBT meeting immediately and decided on the interest rate on EPF. Given the policy of the UPA that the interest rate will not be reduced, one hopes the interest rate on EPF also will not be cut.

C.Ramesh,

Keeramangalam (TN)

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No word on EPF interest rate