Irked by EPFO's indecision on interest rate, All India Trade Union Congress has sought Labour Minister's intervention in fixing rate for 2012-13 on provident fund of over 5 million subscribers.
In the absence any prescribed interest for this fiscal by EPFO, the claims are being settled at 8.25 per cent, the interest rate for 2011-12.
The Employees' Provident Fund Organisation [EPFO] had slashed the rate of return to 8.25 for last fiscal from 9.5 provided in the 2010-11.
‘Interest rate fixation for 2012-13, it appears, has not been put on agenda before the Central Board of Trustees [CBT] up till now... I would request you to kindly cause suitable action to be taken for deciding the EPF rate of interest for 2012-13,’ All India Trade Union Congress [AITUC] General Secretary, Gurudas Das Gupta has said in a letter to Labour Minister Mallikarjun Kharge.
In the absence any prescribed interest for this fiscal by EPFO, the claims are being settled at 8.25 per cent, the interest rate for 2011-12.
The Employees' Provident Fund Organisation [EPFO] had slashed the rate of return to 8.25 for last fiscal from 9.5 provided in the 2010-11.
‘Interest rate fixation for 2012-13, it appears, has not been put on agenda before the Central Board of Trustees [CBT] up till now... I would request you to kindly cause suitable action to be taken for deciding the EPF rate of interest for 2012-13,’ All India Trade Union Congress [AITUC] General Secretary, Gurudas Das Gupta has said in a letter to Labour Minister Mallikarjun Kharge.