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The Employee Provident Fund Organisation retained the interest payment on provident fund deposits for 2014-15 at 8.75%, same as the previous year, but decided against investing in equities. These decision were taken at the first meeting of the Central Board of Trustees.
"Employees will get interest at the rate of 8.75% in 2014-15," labour minister Narendra Singh Tomar, who is also the chairman of EPFO, told media after the meeting.
The EPFO has about 5 crore subscribers and the decision will have a bearing on their retirement fund.
The decision to retain the interest rate on the provident fund deposits at last year's level was taken despite some pro test by the trade union members of the CBT, sources said. The interest rates for the current fiscal will be notified shortly after the finance ministry endorses it.
"The proposed pattern of investment by Ministry of Finance was discussed and deliberated by the Board and the Board was not in favour of investing in equities and Exchange Traded Funds (ETFs)," the EPFO said in a statement.
"It was decided to recommend the make the pattern more flexible to further increase the percentage of investment in government securities," it said.
The finance ministry has been urging EPFO to invest in equities to enhance returns to subscribers and also open another avenue for funds for capital market.
Retaining the interest rates at last year's level will leave EPFO with a sur Rs 242.6 crore at the current wage plus of ` ceiling of Rs 6,500 per month
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