The Hindu Business Line : Labour Minister to negotiate EPFO dues with IFCI

THE Central Board of Trustees of the Employees Provident Fund Organisation (EPFO), which met here today, authorised its Chairman, the Union Labour Minister, Mr Sahib Singh Verma, to negotiate its dues with the IFCI Ltd.

The EPFO had invested a whopping sum of Rs 1,048.80 crore in various bonds and debentures of IFCI. IFCI failed to pay interest on the deposits and defaulted in payment since November 2001 leading to severe fund problems for the EPFO, which had to maintain a high interest rate of 9.5 per cent during the current fiscal. The IFCI has now suggested to roll over the dues payable to the EPFO.

In the meeting, Mr Verma informed the members that a sum of Rs 885.99 crore has been recovered as arrear dues during the current financial year.

He also expressed concern on the persistent complaints regarding difficulties faced by provident fund contributors in withdrawing their own money from the fund and the general public perception about the rampant corruption.

He also informed that 92,734 establishments with 91.55 lakh members that were categorised as inoperative even though they are covered under the Act have been brought back into compliance.

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