Central Board of Trustees of EPF recommends interest rate of 8.5 pc for 2008-09

New Delhi, Feb 22 (ANI): 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.

The meeting was held under the Chairmanship of 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 per cent.

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. (ANI)