EPF Board of Trustees recommends 8.5 percent rate of interest

New Delhi, Feb.22 (ANI): The Central Board of Trustees, Employees Provident Fund (EPF) on Sunday recommended a rate of interest of 8.5 percent for 2008-09 fiscal year.

The employees' representatives, however, wanted a higher rate of interest and during the deliberations.

The decision regarding the recommendation was decided at the 186th meeting of the Central Board of Trustees, EPF, the fourth regular meeting of the newly-constituted Board conveyed in New Delhi under the Chairmanship of Oscar Fernandes, Minister of State for Labour and Employment and Chairman, CBT (EPF).

The Board considered the statutory item to recommend rate of interest for the year 2008-09 for crediting to the subscribers account at 8.5 percent.

The Board also considered the coverage of contract employees under the EPF Act and better extension of social security cover to existing employees.

The matter would further be taken up in a subsequent meet after only after obtaining members views on it. (ANI)