NEW DELHI: The Central Board of Trustees of the Employees Provident Fund (EPF) on Thursday failed to arrive at a consensus on fixing the interest rate for 2006-07. It had deferred a decision at the last meeting.

While trade unions, particularly those affiliated to the Left parties, demanded a 9.5 per cent interest rate, employers' representatives, State and Central Government officials were of the view that the rate should be in proportion to the returns on investments of the fund.

During the five-hour meeting, Minister of State for Labour (Independent charge) Oscar Fernandes exhorted all members to reach a consensus, so that the interest rate could be declared on Thursday itself.

Union Labour Secretary K M Sahni told reporters there were ``no recommendations'' when asked whether the meeting deferred a decision.

Chief Provident Fund Commissioner A. Vishwanathan said the members' views would be conveyed to the Government. If need be, another meeting could be held. He, however, refused to say whether the meeting deferred a decision, saying he would not make any comments, as Parliament was in session.

While the EPFO said the estimated earning for 2006-07 was Rs. 7,554 crore, the trade unions put the figure at Rs. 7,526. The figure given to the Finance and Investment Committee was Rs. 7,373 crore. However, the difference was in the quantum of total subscribers' balance as on March 31, 2006 on which the interest liability had to be worked out.

This, according to the EPFO calculations, was Rs. 94,216 crore. The trade unions put the figure at Rs. 85,751 crore.

Mr. Fernandes launched the trial run of ``Re-Inventing EPF India'' Project in all the six pilot sites through tele-conferencing.

The trial run was aimed at building confidence level among all users at the field level and familiarise them with the software. It would also ascertain the correctness of benefit amount with the new software.

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