|07 November 2006|
|Ministry of Labour & Employment|
CENTRAL BOARD OF TRUSTEES, EPFO, DEFERS DECISION ON INTEREST RATE TO NEXT MEETING
The Central Board of Trustees, EPFO has met today under the chairmanship of Minister of State (I/C), Labour & Employment Shri Oscar Fernandes for deliberating and taking decisions on various issues relating to EPFO.
The Board discussed extensively the subject of rate of interest on EPF dep[osits of members for 2006-07. Members representing Employers, Employees and representatives of Government expressed their views. The Board directed that the details of income and fund might be reexamined to find out if any distributable surplus is available. The issue would be taken up again in the ensuing CBT Meeting to be held before 10th December 2006.
The Board also at length discussed on the required structural adjustments in Employees’ Pension Scheme, 1995 and the changes to be made in the existing Schem. After thorough discussions on this issue the Board was of the view that the matter requires further deliberations and for that urged the Minister to meet the representatives of all Central Trade Unions to resolve the issues.
The other issues such as simplification of procedure for grant of exemption in view the recent amendment in Income Tax law relating to Provident Fund Trusts, waiver of damages in respect of certain establishments, and the issues relating to physical facilities were considered and decisions taken.
The Board has also noted the progress achieved in project "Re-Inventing EPF, India" and the preparedness of organisation to implement the project in six pilot offices namely Hyderabad, Mangalore, Kota, Karnal, Patna and Indore.
MLD/ L-98 (CBT) 7.11.06