Chandigarh man behind increase EPF interest hike

CHANDIGARH: Three years of unassailable calculation and sustained efforts of a Chandigarh resident have ensured a 1% increase in the interest rate of employees provident fund, benefiting around five crore people in the country.

It was AD Nagpal, a member of the Central Board of Trustees ( CBT) and national secretary of Hind Mazdoor Sabha, who drilled home the fact that disposable surplus before the trust was Rs 1,731.57 crore, and not Rs 158 crore as calculated by the officials.
He had challenged the official figure in April 9 meeting of the trustees, saying they had not factored in the change in method of calculating interest from annual to monthly, as per a 1993-1994 notification.

Speaking over phone from Delhi on Wednesday evening, soon after emerging from the CBT meeting chaired by Union Labour minister Mallikarjun Kharge, Nagpal said the board had to accept his calculation after summoning records from across the country.