EPFO yet to finalise interest rate for 2012-13

EPF rates were reduced from 9.5 per cent in 2010-11 to 8.25 per cent during the last fiscal.

The decision regarding the interest rate is taken by the EPFO8217;s Central Board of Trustees headed by the Labour Minister.

8220;We have no information about the next meeting of the CBT and so far the issue of interest rate has not come before the trustees for approval,8221; said Hind Mazdoor Sabha Secretary and an EPFO trustee A D Nagpal.

Another trustee said that ideally the rate should be announced before beginning of a financial year so that the subscribers have a sense of surety and the accounts are settled without any problem.

The issue did not come up for discussion during the last meeting of the trustees held on May 25.

According to sources,the EPFO has not even decided to convene the next meeting of the trustees and the issue of interest rate may linger on for some time.

The trustees8217; meet is also crucial because the issue of fixing minimum pension of Rs 1,000 per month for its subscribers was deferred during the last meeting held in May this year.