Employees provident fund rate at 8.5 percent for 2008-09

February 22nd, 2009 - 5:32 pm ICT by IANS  

New Delhi, Feb 22 (IANS) The interest rate on provident fund investments will be maintained at 8.5 percent for 2008-09, the central board of trustees of employee provident fund (EPF) decided Sunday.
The decision was taken at the fourth regular meeting of the newly-constituted board, held under the chairmanship of Labour Minister Oscar Fernandes.

Last year also, the nearly 40 million subscribers of EPF had got an interest rate of 8.5 percent.

At the meeting, employees’ representatives, however, demanded a higher rate of interest.

“Employees’ representatives were in favour of higher rate of interest and during the deliberations they recorded their dissent,” said a government release.

Besides, the board also discussed the possibility bringing contract employees under the EPF Act, and better extension of social security cover to existing employees.

A decision on these issues has been postponed till the next meeting after soliciting more views, the release said.

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