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Panel for realistic EPF interest rate
Special Correspondent
NEW DELHI:
A Parliamentary committee has made a strong demand for fixing a "realistic" 9.5 per cent interest rate on the Employees Provident Fund (EPF) from 2005-06.
The Standing Committee on Labour, in its 18th report tabled in Parliament on Tuesday, said 9.5 per cent interest was not unreasonable in the prevailing scenario, particularly when the overall prices were rising rapidly.
Noting that lowering the EPF interest rate would affect four crore subscribers, the panel headed by S. Sudhakar Reddy said that before taking any decision on important issues concerning workers, the Government should evolve a consensus.
The report said that whatever be the parameter in fixing the rate of interest, the interests of EPF subscribers should be safeguarded.
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