Rao meets PM over EPF interest rate / Dec 27, 2005

From Indiapensions

Rao meets PM over EPF interest rate

After meeting Prime Minister Manmohan Singh today, Union Labour Minister K Chandrasekhar Rao said the new interest rate for Employees' Provident Fund (EPF) will be notified soon but did not say whether it would be restored as demanded by the Left trade unions.

Under pressure from unions to increase the EPF rate to 9.5 per cent from 8.5 per cent, Mr Rao met Dr Singh and Finance Minister P Chidambaram today on the issue.

The Labour Minister had said a week ago that he would discuss the demand of the unions which have protested against the cut in EPF rate with the Prime Minister.

"The notification will be issued as early as possible," Mr Rao said after he met the Prime Minister. He, however, refused to comment when asked whether the interest rate would be increased.

Left unions CITU and AITUC and the RSS-backed BMS had staged an 'All India Protest Day' on December 20 against the cut in the interest rate by the Employees' Provident Fund Organisation a fortnight ago.