The Hindu Business Line : `Retiring employees need not return extra PF interest'

SOME RELIEF: Mr Oscar Fernandes, Minister of State for Labour and Employment (Independent Charge), at a meeting in the Capital on Wednesday. — Kamal Narang

New Delhi April 25 The Employees Provident Fund Organisation (EPFO) would not ask its subscribers to return any extra interest paid to them following the amendment in rules permitting interest payment in the last notified rate to workers retiring before a formal notification of interest rate for the fiscal 2006-07 and part of 2007-08.

This was stated by the Union Minister for Labour and Employment, Mr Oscar Fernandes, addressing a press conference before the 41st session of the International Labour Conference takes off on Friday.

The amendment to the EPF rule had been approved in March.

"The workers who have been retiring before a formal rate is notified would not be asked to return the money even if the final rate is lower than the last notified rate. In any case, the extra payment would be a very small amount," he said.

Mr Fernandes said that the EPFO board would be meeting shortly to finalise the rate for fiscal 2006-07 and 2007-08.

"A lot of discussions have taken place. We are at the final stage of taking a decision. May be, by the first or second week of May we will be able to take a decision," the Minister said.

STOCK MARKETS

On the issue of investing provident fund money in market-traded securities, the Minister said that the proposal was being examined though some trade unions had expressed apprehensions because of volatility in the stock market.

NEWSPAPER WAGE BOARD

Mr Fernandes also said that the wage boards for journalists and non-journalists would be in place soon. "Within a few days, we will see the wage board is in place," he said. The Cabinet had approved setting up of wage boards for journalists and non-journalists in December last year.

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