EPF board to meet in April

New Delhi, March 29 | Updated: Mar 30 2005, 05:30am hrs
The Employees Provident Fund Organisation (EPFO) board is likely to meet in April to discuss ways to fill the estimated gap of Rs 927 crore due to the hike in interest to 9.5% for 2004-05 from an interim 8.5%, as announced by finance minister P Chidambaram in February this year.

The meeting will be held in April, labour minister K Chandrasekhar Rao told newspersons here on Tuesday after a meeting on labour reforms with industry, employers and academicians.

The finance ministry has not yet formally notified the hike to the labour ministry. However, when asked about the delay in notification, Mr Rao said: The PM has made the announcement. In time, it will be notified and will be implemented. We will ask him, and whatever he says, well do accordingly.

Trade unions recently took up the issue with Prime Minister Manmohan Singh. Earlier, the plea being given was that the model code of conduct was in force. But the elections have been over for quite some time. Why has it not been notified till now asked CPI leader Gurudas Dasgupta, after meeting the PM recently. The PM assured trade unions that he would look into the matter.

The EPFO board was slated to meet on March 20 to discuss the interest rate issue, but the meeting was cancelled citing the delay in preparing the report on computerisation by the EPFO sub-committee.

Meanwhile, sources at the Central Board of Trustees sources told agencies that the meeting was likely to be after April 8.