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The Central Board of Trustees (CBT) of the Employees Provident Fund is holding a special meeting here on Saturday (28th May, 2005) to recommend the final rate of interest on EPF accumulations for 2004-05. The meeting will be chaired by the Labour and Employment Minister, Shri K. Chandrasekhar Rao. The CBT in its 169th meeting held last year on 13th July, 20th July and 9th August had recommended 8.5 per cent as interim rate of interest on EPF accumulations for 2004-05. It was decided during the meeting that the final rate of interest will be recommended after taking into account the actual interest income at the end of the financial year.
The Employees Provident Funds Scheme, 1952, stipulates that EPF organisation shall credit interest on the balance available in the accounts of EPF members at such rates as may be determined by the Central Government in consultation with CBT. The para 60 (4) of the EPF Scheme says that "in determining the rate of interest, the Central Government shall satisfy itself that there is no overdrawal on the Interest Suspense Account as a result of debit thereto of the interest credited to the accounts of members."
The CBT is likely to consider actual interest income received upto 31st March, 2005 from Provident Fund investments for the year 2004-05 for recommending the final rate of interest. The Government of India released the interest on SDS @ 8% on 1st January 2005. Over 65 per cent of EPF investments are in the Central Government’s Special Deposit Scheme (SDS).
The CBT is also likely to consider the 5th, 6th & 7th Annual Valuation of the Employees Pension Fund from 1.4.2000 to 31.3.2003. It is also to consider the report of the Sub-committee of the CBT on the issue of the status of "Re-inventing of EPF India" and simplification of National Social Security Number (NSSN) allotment procedure and the revised procedure for issue of SSN cards to members.
MLD/lk L-40 (CR-Civic Amenities)May25.
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