Press Information Bureau
Government of India

Monday, May 28, 2007
  Ministry of Labour & Employment  

  13:43 IST  
  The Central Board of Trustees (CBT) of the Employees Provident Fund Organisation deferred its decision about the rate of the interest to be paid to EPF subscribers for 2006-07 and 2007-08 in view of the modal code of conduct for the Goa Assembly Elections. This was stated by the Minister of State (Independent Charge) for Labour and Employment, Shri Oscar Fernandes whiled talking to media persons after the meeting here yesterday evening. He said the next meeting of the CBT is likely to be held on July 2, 2007. This was the fifth meeting in a row of the CBT to decide the issue of interest rate to be credited to the accounts of over 4 crore subscribers of the Employees Provident Fund for the previous financial year.

Earlier presiding over the meeting, Shri Fernandes, who is also chairman of the Central Board of Trustees, said, “the most telling effect of non-declaration of rate of interest will be felt in updation of annual accounts and furnishing of information of balances to members. The delay also leads to accumulation of Interest Suspense Account which draws adverse attention. It will also have implications in further roll out of the Re-inventing EPF India Project in other offices.” He said that the para 60 of the EPF Scheme has been recently amended to allow crediting of interest at the previous rate for outgoing members to mitigate their hardships.

MLD:LK:L-53(cbt defers epf rate due to goa elections)(28.5.07)