The Hindu Business Line : Meet soon to decide on interest rate for PF subscribers

Honing skills: The Minister of State for Labour and Employment, Mr Oscar Fernandes (left), with the Secretary General of Assocham, Mr D.S. Rawat, at a seminar on ’Promoting employability through skill development’ in the Capital on Tuesday.

Our Bureau

New Delhi, Sept. 30 The Union Labour Minister, Mr Oscar Fernandes, on Tuesday said that the Ministry would convene a meeting of all stakeholders concerned in October to decide the rate of interest to provident fund subscribers for the fiscal 2008-09. The Minister did not indicate anything as to what would be the possible rate for PF’s subscribers as the Board of Trustees would take a decision to this effect.

He was addressing an Assocham seminar on ‘Promoting Employability through Skill Development’. Referring to National Skill Development Policy, Mr Fernandes said the Ministry had already moved a Cabinet note to this effect, which would be taken up for discussion in due course.

Immediate plans

According to him, the Government would open 1,500 more ITIs and skill development centres in each block, especially in those not having a skill development centre or ITI.

These ITIs and training centres would be funded through institutional finances, as the Government is giving only Rs 2.5 crore for upgradation of 1,396 ITIs. The new ITIs and training and skill development centres would need much more funds, he pointed out.

He further said the Government planned to use the infrastructure of village-level primary and secondary schools to convert them into skill development centres after school hours. This would help young boys and girls acquire skills for self-employment and other employment. The Centre is in touch with States and other local bodies in this regard, said Mr Fernandes.

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