Another EPFO meeting soon
Tribune

Under pressure from trade unions demanding hike in interest rates on provident fund (PF), the employees provident fund board (EPF) will hold its meeting soon to fix the interest rates for 2007-08.
Holding of the meeting early becomes imminent as the government last week notified the interest rates for 2006-07 after the Cabinet had approved to fix it at 8.5 per cent.

This came as a disappointment for the trade unions, which had been demanding that the government should hike the rate by at least one per cent to fix it at 9.5 per cent, considering the upward trend in banking interest rates.
The board is likely to convene the meeting next month, chief provident fund commissioner A Vishwanathan said.

Government nod for EPF interest rate
The Hindu

Interest rate for 2006-07 to be retained at the previous year’s level of 8.5%

Trade unions had demanded higher rate
RPF commissioners asked to give immediate effect
The Central government on Saturday approved the decision of the Employees Provident Fund (EPF) Board to retain the interest rate for 2006-07 at the previous year’s level of 8.5 per cent.

The EPF’s Central Board of Trustees had recommended to the government a rate of 8.5 per cent for 2006-07 on the deposits of subscribers at its meeting on July 23, despite opposition from trade unions who are demanding a higher rate of interest.
The decision affects EPF deposits with the government of over four crore subscribers.

The EPF Scheme, 1952, requires the interest to be credited to the account of each member at a rate determined by the Central government in consultation with the Central Board of Trustees.

“All Regional Provident Fund Commissioners have been instructed to immediately give effect to the government’s decision and issue annual statement of accounts for the year 2006 at the earliest,” said an official release from the Union Ministry of Labour and Employment.