|Monday, May 28, 2007|
|Ministry of Labour & Employment|
CENTRAL BOARD OF TRUSTEES DEFERS EPF INTEREST RATE IN VIEW OF GOA ELECTIONS
|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)