Trustees for higher PF interest

NEW DELHI, MAR 6: The Central Board of Trustees (CBT) of the employees provident fund (EPF) organisation today decided to approach the Union finance ministry for raising the existing limit of rate of interest from 12 per cent now to 13 per cent for the purpose of income tax exemptions.The decision was taken here at the 150th meeting of the CBT chaired by labour minister Satyanarayan Jatiya. The meeting decided to issue a permanent EPF number along with an identity card to all members and also to approach the government for obtaining approval of conversion of low-yielding securities to high-yielding ones.Earlier, Jatiya said arrangements had been made to receive claim forms and grievance petitions at any PF office in respect of any member irrespective of whether his amount was being maintained at the said office. This had become possible because of the computer link between its field offices, he said.

Lauding the performance of the EPF organisation during 1998-99, he said there was a 51.33 per cent growthover the corresponding period of previous year in the area of issue of annual statement of accounts to members.Jatiya also said necessary action had been taken in the area of default management and Rs 159 crore had been recovered by January this year.