Decision on EPF interest rate for FY09 deferred

New Delhi, Jul 5: The decision on interest rate on the Employees Provident Fund was deferred today in view of the labour representatives demands for revising the administrative rate for special deposits schemes and other securities.

''I need to consult the Prime Minister on this issue,'' Labour and Employment Oscar Fernandes said in a meeting with the EPF's Board of Trustee here. The interest rate on EPF, which has over 4.20 crore subscribers, stood at 8.50 per cent in the financial year 2007-08. The 43-member Board consists of the Central, State governments officials and representatives of the labour unions.

UNI