EPF Rate To Stay Put: Verma

New Delhi, September 26: | Updated: Sep 27 2002, 05:30am hrs
Labour minister Sahib Singh reiterated on Thursday the present 9.5 per cent rate of interest on employees provident fund (EPF) would continue and there is no proposal to lower it.

The finance ministry is reported to be insisting that the EPF interest rate should be reduced to bring it on par with the rate of interest on other small savings schemes.

On whether he will meet the finance minister on the issue, he said the question of meeting the finance minister arises if only there is a move to lower the interest rate.

Mr Verma said Prime minister AB Vajpayee will inaugurate the Indian Labour Conference on Saturday at the Vigyan Bhavan in the Capital. The focus of discussion at the two-day conference would be, the impact of globalisation on economy, particularly on employment; social safety net; disinvestment policy of the government and problems before the small scale industries. The second day would be fully devoted to deliberations on the recommendations of the Second National Labour Commission, he said.

The commission, chaired by Mr Ravindra Verma, has recently submitted its report to the government which covers the entire labour scene and makes important recommendations on various issues like layoffs, retrenchments, closures, registration of trade unions and recognition of collective bargaining agent.

Mr Verma said, he was holding consultations with the organisations of employers and employees with a view to evolving consensus on the recommendations of the commission.

He already had one round of consultations with 12 trade unions, four employers organisations and one political party, the minister said adding that the process would continue.