Trade unions to hold protests on EPF

    New Delhi: The Central trade unions will hold a nation-wide protest demonstration on January 20 against the government's decision of 8.5 per cent Employees Provident Fund rate for the current fiscal. The decision to hold the protest demonstration was taken at a meeting of trade unions in the capital today, which was attended by AITUC, BMS, CITU, HMS and UTUC Yesterday, the government has issued a notification that EPF subscribers would to get 8.5 per cent interest on their deposits for the year 2005-06.

   Union Labour Ministry had issued the notice conveying the Government's approval under Para 60(1) of the Employees Provident Fund Scheme 1952 to the recommendation made by the Central Board of Trustees (EPF). It may be recalled that the Chariman of the Central Board of Trustees and Labour and Employment Minister, K. Chandrasekhar Rao had recommended an interest rate of 8.5 per cent to be paid to the EPF subscribers on their deposits during the current financial year. Rao was authorised by the Central Board of Trustees of the Employees Provident Fund to recommend an interest rate at its 173rd meeting in New Delhi on December 7, 2005. Rao, after consultation with senior officers of the Labour Ministry and the EPFO, announced on the same day that he would be recommending 8.5 per cent interest rate to the Government for approval. The Employees Provident Fund Organisation will be meeting the deficit liability of Rs. 365.89 crore on account of 8.5 per cent interest rate from within its own resources. The Employees Provident Fund Organisation will have to pay Rs. 6,889.04 crore as interest to its subscribers for the current financial year while its projected interest income will be Rs. 6,523.15 crore.

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