The Hindu Business Line : Labour Minister to take up EPF interest with PM

THE new Labour Minister, Mr K. Chandrasekhar Rao, on Monday assured the members of the Central Board of Trustees (CBT) of the Employees' Provident Fund Organisation (EPFO) that he would make all possible efforts to fix the rate of interest payable for provident fund deposits for the current financial year at 9.5 per cent.

He said that he would take up the issue with the Prime Minister and the Finance Minister soon, the Minister told the labour leaders at the meeting. This was the first meeting of the board of trustees after Mr Rao had taken charge.

Earlier, in August this year, the CBT had agreed on an interim rate of 8.5 per cent for the current fiscal.

"It will be my endeavour to increase the EPF interest rate to 9.5 per cent and I will discuss it with the Prime Minister and the Finance Minister," Mr Rao told newspersons here today after chairing a five-hour long meeting of the board.

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