The Hindu Business Line : Delay in report on computerisation

Officials said that the board could again be expected to meet in April. The meeting was cancelled on grounds that the report on the computerisation programme of the EPFO, which was listed on the agenda, was not available.

The internal committee, which was mandated to submit the report before March 20, would meet tomorrow to find out reasons for the delay.

No date for the next meeting has been finalised but would be decided within the next few days, officials said, and added that chances are that it could be some time in April.

The CBT was also to take up the issue of meeting the shortfall between EPFO's interest earnings and interest liabilities for the current financial year that would stand at Rs 927 crore if the EPFO has to pay 9.5 per cent on deposits for 2004-05.

The postponement of the meeting would further delay a formal recommendation from the CBT to pay 9.5 per cent interest to the Labour Ministry, which in turn would send the recommendation to the Finance Ministry for its final clearance and notification.

The Finance Minister, Mr P. Chidambaram, had announced in February that EPFO would pay 9.5 per cent interest following which the Labour Minister, Mr K. Chandrasekhar Rao, had said that the Government would meet the shortfall.

CBT member and INTUC President, Mr Sanjeeva Reddy, told Business Line "We have met the Prime Minister last week and had asked him to give subsidy to the EPFO."

Earlier, the Finance Ministry ruled out subsidies of any form, asking the EPFO to find own ways to cover the Rs 927-crore estimated shortfall due to hike in EPF interest to 9.5 per cent for 2004-05.

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