EPF rate of interest unchanged at 8.5% for year 2008-09

The 186th meeting of the Central Board of Trustees, Employees Provident Fund (EPF), which was the fourth regular meeting of the newly constituted Board, was convened here today under the Chairmanship of Shri Oscar Fernandes, the Minister of State (I/C), Ministry of Labour and Employment and Chairman, CBT (EPF).

The Board considered the statutory item to recommend rate of interest for the year 2008-2009 for crediting to the subscribers account as 8.5 %. However, the employees' representatives were in favour of higher rate of interest and during the deliberations they recorded their dissent.

Among the other items, the Board also considered agenda item on coverage of contract employees under the EPF Act and better extension of social security cover to existing employees. The matter will be further taken up in a subsequent meeting after obtaining the views from various members.

The CBT also paid mark of respect for Shri Alampalli Venkataram former member of the Central Board of Trustees and employees' representative in the Board for nearly 20 years and who passed away on 18th January this year. It also resolved to send condolences to the next of kin.

Source : Equity Bulls

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