No change in EPF interest rate, says Kharge

Union Labour Minister Mallikarjun Kharge on Friday said the Centre is unlikely to immediately increase EPF interest rate for the current financial year to an expected 8.6 per cent from the existing 8.25 per cent.

Kharge who was here to participate in some functions, told reporters after the Employees Provident Fund Organisation (EPFO) Trustees meeting in a brief interaction, that the Employees Provident Fund (EPF) interest rate issue did not figure in the deliberations.

Referring to the discussions held last year with the trade union leaders, Kharge said while they sought restoration of the earlier interest rate to 9.5 per cent, the government had explained the difficulties and after which the EPF interest rate at 8.25 per cent was agreed upon.

Asked about the proposal for a minimum monthly pension of Rs1,000 for EPF subscribers, Kharge said the Centre was working out a proposal and was in touch with the union leaders and the Finance Ministry on the subject.

On the Majithia Wage Board recommendations for journalists and non-journalists, Kharge said the Centre had done “its job” of notifying the Award.

He said it was now up to state governments to ensure the implementation of Wage Board recommendations. Kharge also said some 10 or 11 writ petitions on Wage Board are pending before the Supreme Court.