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Interest on EPF deposits: BJP seeks clarification
By Our Special Correspondent
NEW DELHI,
MARCH 21.
The Bharatiya Janata Party (BJP) leader, Yashwant Sinha, today demanded that the Government clear the air over the rate of interest on employees' provident fund (EPF) scheme deposits.
"Withdrawals of a large number of retired employees are pending because no one knows what should be the rate of interest. Even the Left is keeping absolutely mum," he said in the Rajya Sabha.
Responding to Mr. Sinha's observations, the Minister of State for Parliamentary Affairs, Suresh Pachouri, assured him that his concerns would be conveyed to the Union Labour Minister.
Mr. Sinha said the Government had announced a hike in the interest rate on EPF deposits in February, shortly before the polls to three State Assemblies. "To this date, the new interest rate has not been notified. As a result, a meeting of the EPF, scheduled for Sunday was cancelled. This was because, according to my understanding, the Finance Ministry has refused to shoulder the additional burden of Rs. 927 crores that would devolve on the EPF organisation."
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