Central Board of Trustees recommends 8.5% rate of interest for 2009-10

The 187th meeting of the Central Board of Trustees, EPF, has recommended rate of interest for the year 2009-2010 for crediting to the subscribers account as 8.5 %. The meeting was presided over by Shri Mallikarjun Kharge, the Union Minister for Labour & Employment here today. Shri Harish Rawat, Minister of State for Labour & Employment was also present as Vice-chairman of the Central Board of Trustees, EPF.

The employees’ representatives were in favour of higher rate of interest and while arriving at the decision they voiced their dissent. It was the fifth regular meeting of the newly constituted Board, to consider agenda placed before the Board for consideration.

The CBT passed supplementary Budget for provisioning modular furniture for the EPFO offices as part of its computerization project and improving the working conditions of the offices to deliver better services. The CBT also recommended to the Central Government, the proposals of 10 establishments to be granted exemption from the EPF scheme. With this recommendation, the total recommendations made by the CBT during the current year comes to 157.