Date:26/05/2005 URL: http://www.thehindubusinessline.com/2005/05/26/stories/2005052602730300.htm

Back EPFO board meets on Saturday to decide on interest for 2004-05

Our Bureau

New Delhi , May 25

THE Central Board of Trustees (CBT) of the Employees Provident Fund Organisation (EPFO) will meet on Saturday to recommend the final rate of interest on provident fund accumulations for 2004-05.

The CBT had earlier recommended 8.5 per cent interim rate of interest for the year.

It was then decided that the final rate would be recommended after taking into account the actual interest income at the end of the financial year.

However, the Finance Minister, Mr P. Chidambaram, had made an announcement that 9.5 per cent interest would be paid for 2004-05.

Following the announcement, the Labour Minister, Mr K. Chandrasekhar Rao, had said that if necessary the Government would have to arrange for the funds.

The CBT is also likely to consider the fifth, sixth and seventh Annual Valuation of the Employees Pension Fund for 2000-01, 2001-02 and 2002-03.