|09 August 2004|
|Ministry of Labour & Employment|
EMPLOYEES PROVIDENT FUND ANNOUNCES 8.5% INTERIM INTEREST TO ITS SUBSCRIBERS
The Employees Provident Fund subscribers will get an interim interest of 8.5% on their deposits for the current financial year (2004-05). This was decided at the 4th session of the 169th meeting of the Central Board of Trustees, CBT, here today. Announcing the decision the Labour & Employment Minister Shri Sis Ram Ola, who is also the Chairman of the CBT, said that the interim interest will entail a deficit of Rs. 206 crores. Efforts would be made to cover it which would include special drive for recovery from defaulters, the Minister added. He said that the Board would decide the final rate of interest at the end of the financial year when the actual earnings on the EPF investments would be known.
Shri Ola said that the Finance Ministry would be requested to ratify the CBT’s decision to pay EPF subscribers interest at the rate of 9.5% for 2002-03 and 9% plus 0.5% for 2003-04. He said that that the Finance Ministry would also be requested to continue Special Deposit Scheme (SDS) as a parking lot for social security funds.