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EPFO defers decision on interest rate
Our Bureau
THE UNION Minister of State for Labour, Mr Oscar Fernandes, with the Central Board of Trustees of the Employees Provident Fund in the Capital on Tuesday. — Ramesh Sharma
New Delhi, Nov. 7
The Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO), which met here on Tuesday, deferred a decision on the interest to be paid to the subscribers for the financial year 2006-07. The organisation has paid interest above market rate for the last few years for which the fund had to dip into its reserves during the last two fiscals.
For 2005-06, the organisation has paid its subscribers 8.5 per cent through its average interest income, according to official figures released last year, stood at 8 per cent. Speaking to newspersons after the meeting, the Minister of State for Labour, Mr Oscar Fernandes, who is the Chairman of CBT, said, "Members representing employers, employees and the Government expressed their views.
The board decided that the details of income and funds may be re-examined to find out if any distributable surplus was available." The board will meet again in December to deliberate on the issue, the Minister said.
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