Date:27/06/2004 URL: http://www.thehindubusinessline.com/2004/06/27/stories/2004062701440202.htm

Back Assocham opposes hike in EPF rate

Our Bureau

NEW DELHI: The Associated Chambers of Commerce and Industry of India (Assocham) has opposed the demand put forth by the trade union leaders to the Finance Minister for hiking the interest rate on Employees Provident Fund Scheme to 12 per cent.

According to the Chamber, there is a consensus within the Indian industry that in an era of falling interest rates, such a move would affect the profitability and competitiveness of the industry.

In fact, the trusts being managed by the exporters are already finding it difficult to pay the existing rates of interest in view of the falling interest rates on securities.