The Hindu : Front Page : Government nod for EPF interest rate

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Monday, Oct 22, 2007
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Government nod for EPF interest rate

Special Correspondent

Interest rate for 2006-07 to be retained at the previous year’s level of 8.5%

Trade unions had demanded higher rate
RPF commissioners asked to give immediate effect

NEW DELHI: The Central government on Saturday approved the decision of the Employees Provident Fund (EPF) Board to retain the interest rate for 2006-07 at the previous year’s level of 8.5 per cent.

The EPF’s Central Board of Trustees had recommended to the government a rate of 8.5 per cent for 2006-07 on the deposits of subscribers at its meeting on July 23, despite opposition from trade unions who are demanding a higher rate of interest.

The decision affects EPF deposits with the government of over four crore subscribers.

The EPF Scheme, 1952, requires the interest to be credited to the account of each member at a rate determined by the Central government in consultation with the Central Board of Trustees.

“All Regional Provident Fund Commissioners have been instructed to immediately give effect to the government’s decision and issue annual statement of accounts for the year 2006 at the earliest,” said an official release from the Union Ministry of Labour and Employment.

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