The Telegraph
Since 1st March, 1999
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EPF interest rate to stay at 9.5%

New Delhi, Oct. 22 (PTI): The government does not propose to lower the rate of interest on provident fund from the current rate of 9.5 per cent, labour minister Sahib Singh Verma said today.

The rate of interest on EPF deposits continues to be 9.5 per cent, he told reporters the sidelines of the meeting of the board of trustees of the Employees Provident Fund here.

“No change is envisaged in it at present,” he added.

Meanwhile, to provide housing facility to EPF members on a large scale, a committee has been set up to examine feasibility of a housing scheme for them.

Verma said he had already initiated discussions with some states for provision of land at cheaper rates for housing for workers.

The labour minister, who is the chairman of the board, said the committee would also examine the involvement of agencies for taking up the end-to-end responsibility of the scheme as well as the modalities required for implementing it.

During last year, 1.4 lakh EPF members were provided housing advance totalling Rs.745 crore. “This was not sufficient and the existing mechanism needs to be reviewed,” he said.

He said a Bill for extension of social security benefits to majority of workers was likely to be brought in Parliament.

Verma said the government was examining the amendments approved by the board along with the recommendations of the second National Labour Commission in this regard.

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