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Home / India News / 2007 / May 2007 / May 27, 2007
EPF board to decide interest rate today
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EPF board to decide interest rate today

The Board of Employees Provident Fund Organisation will meet here today to take a final decision on the interest to be paid to over 40 million subscribers for fiscal 2006-07.

New Delhi, May 27 : The Board of Employees Provident Fund Organisation will meet here today to take a final decision on the interest to be paid to over 40 million subscribers for fiscal 2006-07.

The board is meeting amidst strong protest by the Left parties and trade unions against further cut in the rate of interest on Employees Provident Fund (EPF).

The Left is strictly against further slashing of interest from current 8.5 per cent.

On the other hand, trade unions have been saying that in a scenario when some banks are paying 10.5 per cent of interest rate on fixed deposits, the board must explore ways and means to do provide the same interest rate.

On May 24, Union Labour Minister Oscar Fernandes, who is also the chairman of the board, admitted that it was "difficult task" to hike the rate.

"I can only say what is available is divisible. It's a difficult task," Fernandes said.

According to the board, the fund will earn a surplus of 2.7 billion rupees at 8 per cent interest. owever, there will be a deficit of 4.5 billion rupees if the interest rate is kept unchanged at 8.5 per cent.

ANI

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