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The Central Board of Trustees (CBT) has recommended 9.5% as the rate of interest on accumulations of Employees Provident Fund subscribers for 2004-05. The decision was taken at a special meeting of the CBT held here today under the Chairmanship of the Labour & Employment Minister Shri K.Chandrasekhar Rao. This will benefit more than four crore EPF subscribers.
Briefing media persons after the meeting, Shri Rao said that the deficit of Rs. 716.07 crore as a result of today’s decision, would be met from the Rs. 950 crore Special Reserve Fund of the EPF. The payment of interest to EPF subscribers at the rate of 9.5% in 2004-05 is expected to be Rs.6885.05 crore. The interest earnings have gone up to Rs.6168.98 crore on the basis of actual income as on 31-3-2005. Earlier it was projected that the interest income would be Rs. 5,919.42 crore.
The Corpus of the Employment Provident Fund was Rs.79,764.48 crore as on 31st March 2005. Of this 65.31% is in investment holding in Special Deposit Scheme, 14.02 % in Public Sector/Financial Institutions, 11.52% in Central Government Securities, 8.67% in State Government Loans and 0.48% in Government Guaranteed Securities. The Fund is being invested according to pattern of investment holding prescribed by the Government of India from time to time.
The Central Board of Trustees also considered the Report of its Sub-Committee on the ‘Re-inventing EPF,India’ project and decided to continue with the project and simplification of allotment procedures for issue of National Social Security Number (NSSN). The meeting deferred consideration of 4th, 5th and 6th valuation Reports of the Employees’ Pension Fund.
MLD/ labour 41 (EPF interest rate) May 28.
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