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Ambarish Mukherjee

New Delhi April 25 Peeved at the way the interest rate on Employees Provident Fund was reduced for fiscal 2005-06, the trade union representatives in the Central Board of Trustees of the Employees Provident Fund Organisation may not authorise the Labour Minister to go by a majority decision of the CBT in recommending an interest rate cut for fiscal 2006-07.

Amending Rules

"This time we would not like to authorise the Minister to go by majority decision of the CBT," the Secretary of CITU, Mr W.R. Varada Rajan, who is also a member of the CBT and the Finance and Investment sub-committee of the CBT, told Business Line.

"The Left parties would also be taking up the issue in the next meeting of the Left-UPA co-ordination committee, which is likely to be held after the last phase of Uttar Pradesh elections on May 8," he said. In the case of 2005-06 there was an urgency to declare the interest rate because there was no provision for paying interest to workers retiring or closing their provident fund account during the course of the year.

But with the EPFO amending its rules permitting interest payment to retiring workers at the last notified rate, workers would be receiving their dues at the last notified interest rate of 8.5 per cent, Mr Varada Rajan said.

More Stories on : Social Security | Interest Rates | Trade & Labour Unions

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