EPFO Board meet on rates shortly

Central Board of Trustees of Employees Provident Fund is likely to meet shortly to review interest rates on EPF for the current Fiscal. In the meeting the board’s Finance and investment sub-committee would unveil its recommendations on the rates to be offered, sources said.

Evading Finance ministry’s pressure for a cut in EPF rate from the present 9.5 per cent, Labour Minister Sahib Singh Verma, CBT chairman, said he was not in favour of any cut and the sub-committee would decide on it. The sub-committee weighed all options especially in the wake of 1 per cent cut in interest rate of special deposit schemes, which comprise over 80 per cent of the Rs 1,40,000 crore EPF Corpus.