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The Central Board of Trustees (CBT) of the Employees Provident Fund has ratified 8.5% as interim interest rate for outgoing EPF subscribers for 2004-05. This was decided at the 170th meeting of the CBT, here today. The Chairman of the CBT and Labour & Employment Minister, Shri K. Chander Shekhar Rao told mediapersons after the meeting that he would be soon meeting the Prime Minister and the Finance Minister for raising the interest rate. He said that the Labour Secretary, Shri K.M. Sahni is already in touch with his counterpart in the Finance Ministry in this connection. The majority of the members of the CBT had in its previous meeting recommended an interim rate of 8.5% for 2004-05. It had said that the final rate of interest would be declared in the last quarter of the financial year after taking into account the earnings on investment.
The Central Board of Trustees also approved the Annual Report of the Employees Provide Fund as well as Annual Accounts for 2003-04. The CBT also approved Budget Estimates for 2005-06 and Revised Estimates for 2004-05.
The meeting was attended by the representatives of employees, employers and Central and State Governments.
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