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New Delhi
Decision on EPF interest rate deferred
Special Correspondent
NEW DELHI: The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) on Saturday approved the reduction of the threshold limit for establishments covered under the Employees Provident Fund and Miscellaneous Provisions Act (EPF & MP Act), 1952.
With this, establishments employing even 10 people will be covered under the Act and would have to contribute towards Employees Provident Fund accounts as against the existing 20, barring cooperative institutions functioning without power, where the limit has been reduced from 50 to 20 employees.
However, the Board meeting, chaired by Minister of State for Labour and Employment (independent charge) Oscar Fernandes, deferred a decision on fixing the rate of interest for the EPF for the current financial year.
Talking to reporters after the meeting, W.R. Varadarajan of the Centre of Indian Trade Unions said the current interest rate was not adequate. The government should take into account rising inflation before forming any opinion, he said.
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