THE 4.4 crore subscribers of the Employees Provident Fund Organisation
(EPFO) should not expect any rise in their provident fund interest rate
this fiscal. Labour minister Oscar Fernandes ruled out the possibility
of increasing the rate of interest of the Employees Provident Fund
(EPF) rates for this fiscal year. This implies that the PF rate will
continue to be 8.5 % fourth time in a row.
“There is no question of increasing the rate of interest,” said the
minister, who is also the chairman of the Central Board of Trustees
(CBT), which is the core committee of EPFO.
Speaking to reporters on the sidelines of a conference organised by
Ficci, Mr Fernandes pointed out that the interest rate of 8.5% was
steady and the organisation will try to maintain it. EPFO only invests
in government and public sector securities, and has escaped the wreck
created by the stock market crash. The CBT, on various occasions, has
said that it cannot risk employees’ money by investing in equity.
The interest rate for FY 2008-09 is yet to be announced by CBT. The
issue did not figure at the last board meeting. Before that, the board
was not in a position to take a decision as it was tied down by the
model code of conduct in view of the assembly elections.
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