New Delhi: The Employees Provident Fund Organisation (EPFO) on Tuesday stuck to its decision that about 4.71 crore subscribers of the pension fund get one per cent increase in interest on their deposits for 2010-11, pegging the rate of interest at 9.5 per cent. The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) also decided not to invest in stock markets.
After a two-hour meeting of the CBT, Labour and Employment Minister Mallikarjun Kharge expressed hope the finance ministry will shortly give its concurrence to the proposal.
"I hope that after we answered all clarifications, they (Finance Ministry) will approve it (9.5 per cent interest rate for 2010-11)," he told reporters on the finance ministry's reservation on 9.5 per cent recommended by the Central Board of Trustees of Employees Provident Fund Organisation (EPFO) in September last year.
"As far as 9.5 per cent interest (2010-11) is concerned, the Finance Ministry had sought some clarifications. Those clarifications have been sent by Labour Secretary to the Finance Ministry," Kharge added....more
08:25 PM, Feb 15, 2011