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EPF board to discuss interest rate on May 27

Aarti Dhar

NEW DELHI: The Central Board of Trustees of the Employees Provident Fund (EPF) Organisation will meet here on May 27 to discuss the rate of interest for its over four crore subscribers for the years 2006-2007 and 2007-2008, Minister of State for Labour (Independent charge), Oscar Fernandes said here on Thursday. "I can only say what is available is divisible. It's a difficult task," Mr. Fernandes told reporters, when asked whether there would be a hike in rates.

While the interest rate for 2005-2006 was fixed at 8.5 per cent, the EPFO Board will be meeting amid rising deposit rates in the system. Commercial banks are already offering up to 10.5 per cent interest rate on fixed deposits.

The Left-affiliated trade unions have been insisting on increasing or at least retaining the current rate of interest at 8.5 per cent .

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