Business & Economy
Ministry ratifies 9.5 pc
interest rate for EPF
What is India News Service, Saturday,
30 April 2005, 1700 hrs IST
The Finance Ministry has
ratified the interest rate of 9.5 per cent for 2002-03 and 2003-04 on the
employee provident fund accumulations of about four crore subscribers of the EPF
scheme. For 2004-05, the Ministry is awaiting the final recommendation of the
Central Board of Trustees (CBT).
The CBT had recommended 9.5 per cent interest
on EPF deposits for 2002-03. For 2003-04, a composite interest rate of 9.5 per
cent (interest at 9 per cent plus a one-time golden jubilee interest of 0.5 per
cent) had been recommended.
The ratification of the interest rates for
these previous years (2002-03 and 03-04) was important since the recommendations
of the CBT are not binding on the Central Government and have to be separately
ratified.
"We have ratified the interest rate of 9.5
per cent for 2002-03 and interest of 9 +0.5 per cent for 2003-04. As far as the
interest for 2004-05 is concerned, the Finance Ministry is awaiting the final
recommendations of the CBT," Mr P. Chidambaram, Union Finance Minister,
told reporters here on Friday.
The CBT had in August last year made an interim
recommendation of 8.5 per cent interest for 2004-05. This was later raised to
9.5 per cent at the behest of the trade unions.
Ahead of the Assembly elections in Bihar,
Jharkhand and Haryana early this year, the Finance Minister had a meeting with
the Prime Minister, Dr Manmohan Singh, after which he indicated that the
Government was willing to offer a 9.5 per cent interest rate for 2004-05.
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