EPF Board may meet on July two: Oscar

New Delhi, June 16 (UNI) The Board of Employee Provident Fund is likely to meet on July two to decide upon the rate of interest to be paid to the EPF deposits.

Minister for Labour Oscer Fernandes told newspersons here that he could not say anything about the decision but said the Board will naturally take the decision on the interest rate applying the principle of dividing the whatever resources available.

Asked if the EPF rates would be higher than the bank rates, Mr Fernandes, himself a former bank employee said the banks will not pay the interest retrospectively.

''What they are promising is for future years and not retrospectively,'' he said.

UNI