EPF Board meeting for 2 July put off

EPF Board meeting for 2 July put off
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First Published: Thu, Jun 28 2007. 07 19 PM IST
Updated: Thu, Jun 28 2007. 07 19 PM IST
PTI
New Delhi: A decision on final EPF rate for 2006-07 and 2007-08 is likely to be further delayed as the proposed meeting of the Central Board of Trustees (CBT) scheduled for 2 July has been put off.
Labour Ministry sources said that no fresh date has been fixed for the meeting.
The EPF Board, which has met for about half-a-dozen times on the issue, at its last meeting on May 27 had decided to have a fresh look at the matter on July two.
Labour Minister Oscar Fernandes had then cited the model code of conduct for Goa Assembly elections as coming in the way of taking a decision on the rate for 40 million EPF subscribers.
While Leftist trade unions are opposing any cut in the rate from the existing 8.5 per cent, Fernandes is of the view that for the year 2006-07, the rate of interest would depend on the fund available with the EPF while the higher rate of interest offered by commercial banks would be taken into account for future calculations.
The finance and investment committee of the EPF Board in its 83rd meeting held in March 2006 had observed that only 8% of interest was sustainable out of the income of the fund during 2006-07.
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First Published: Thu, Jun 28 2007. 07 19 PM IST