The 169th Meeting of the Central Board of Trustees (CBT) of the Employees Provident Fund here today to decide the interest rate on deposits of EPF subscribers remained inconclusive. It decided to meet again on July 20, 2004 to continue their discussions on the subject.
Talking to mediapersons, the Labour Minister, Shri Sis Ram Ola said that the decision to continue discussions was taken unanimously as many members could not express their view point. He said that the decision on the interest rate would be arrived at through consensus among the tripartite members of the Board.
Earlier, in his opening address to the meeting, the Labour Minister said that he accompanied the Labour Secretary, met the Finance Minister yesterday and urged him to notify the recommendations of the CBT regarding interest rate for the year 2002-03 and 2003-04. Shri Ola said that in pursuance of the decision of the CBT taken in its last meeting, the Finance Minister has been requested to continue investment of EPF corpus in Special Deposit Scheme as well as the present rate of interest on such deposits. He urged the members that any delay in finalizing the interest rate issue would hurt the interest of the workers besides leading to administrative difficulties.
(Release ID :2467)