EFP board likely to defer decision on interest rate
Sources said, meeting is likely to postpone a decision on EPF rate as there is no unanimity amongst members.
By PTI |
NEW DELHI: The Central Board of Trustees of Employees Provident Fund is likely to defer a decision on interest rate to be given to its over four crore employees this fiscal.
While, union representatives in CBT particularly those affiliated to the Left parties demanded 9.5 per cent interest rate, other representatives including those from employers' side, central and state government officials were of the view that interest rate be in proportion to the returns from the EPF fund.
Meanwhile, Labour Minister Oscar Fernandes, who is ex-officio Chairman of the EPF board has to leave the meeting to attend the Parliament session.
Sources said, meeting is likely to postpone a decision on EPF rate as there is no unanimity amongst members.
Coming out of the meeting CITU representatives Wardhrajan said, we have asked the Labour Minister to take up the union's demand for 9.5 per cent interest rate with Prime Minister Manmohan Singh.
He said the Prime Minster had promised in 2004 not to reduce the EPF rate below what was given by the NDA regime -- 9.5 per cent.
Titagarh Industries Chairman J P Chaudhary said, the majority view is that interest rate could not be given beyond what is earned by the fund.
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