<p>Inaugurating the Regional Office of the Employees’ Provident Fund Organisation here on Sunday, Kharge said under the existing scheme workers have been getting very less pension. Also, there have been several representations from the working class to make the scheme more beneficial. <br /><br />``In the wake of complaints about the meagre utility of the scheme, the Employees’ Pension Scheme 1995 needs to be reviewed. Since the proposal will have larger financial implications on lakhs of workers across the country the demand needs to be considered very carefully,’’ the minister said.<br /><br />He chose to remain non-committal except stating that the matter required a careful consideration by the Board of Trustees of the EPFO.<br /><br />He ruled out the possibility of investing PF money in high yielding private instruments, as safety and security of lakhs of workers was of utmost concern. ``Considering the volatility prevalent everywhere it would be safe to deposit our funds in nationalised banks,’’ said Kharge. The PF amount is being deposited with the country’s premier bank State Bank of India, although it is very conservative in the matter of providing interest rate on deposits, as safety of the deposited amount is assured. The rate of interest on PF contributions for the year 2009-10 was 8.5 per cent and soon the Board of Trustees will take a decision on the rate of interest for the year 2010-11, he added.<br />DH News Service</p>
<p>Inaugurating the Regional Office of the Employees’ Provident Fund Organisation here on Sunday, Kharge said under the existing scheme workers have been getting very less pension. Also, there have been several representations from the working class to make the scheme more beneficial. <br /><br />``In the wake of complaints about the meagre utility of the scheme, the Employees’ Pension Scheme 1995 needs to be reviewed. Since the proposal will have larger financial implications on lakhs of workers across the country the demand needs to be considered very carefully,’’ the minister said.<br /><br />He chose to remain non-committal except stating that the matter required a careful consideration by the Board of Trustees of the EPFO.<br /><br />He ruled out the possibility of investing PF money in high yielding private instruments, as safety and security of lakhs of workers was of utmost concern. ``Considering the volatility prevalent everywhere it would be safe to deposit our funds in nationalised banks,’’ said Kharge. The PF amount is being deposited with the country’s premier bank State Bank of India, although it is very conservative in the matter of providing interest rate on deposits, as safety of the deposited amount is assured. The rate of interest on PF contributions for the year 2009-10 was 8.5 per cent and soon the Board of Trustees will take a decision on the rate of interest for the year 2010-11, he added.<br />DH News Service</p>
