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Board defers decision on fixing interest rate

The Central Board of Trustees of the EPF Organisation has deferred a decision on fixing interest rate, reports Sutirtho Patranobis.

india Updated: Nov 07, 2006 21:26 IST

The Central Board of Trustees (CBT) of the Employees Provident Fund (EPF) Organisation has deferred a decision on fixing interest rate to be given to its subscribers for 2006-07.

The CBT, which comprises ministry officials, employers and trade union members, met on Tuesday to discuss the EPF issue. "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,’’ Labour Minister Oscar Fernandes said after the meeting of CBT.

The issue would be taken up again in the next meeting to be held in December, he said, adding “we would like to arrive at a decision on EPF rate at the next meeting”.

"After thorough discussions on this issue the Board has felt that the matter required further deliberations and for that, requested me to meet the representatives of all central trade unions to resolve the issue,’’ Fernandes said.

The Labour Minister added that the meeting with the trade unions would be convened at the earliest. The CBT would meet on or before December 10, he added.

During the meeting, which began around noon and lasted till 5 pm, the Board also discussed the progress of the project `Re-Inventing EPF, India’ and the preparedness of organisation to implement the project in six pilot offices in the six cities of Hyderabad, Mangalore, Kota, Karnal, Patna and Indore.


First Published: Nov 07, 2006 20:38 IST