Financial Daily from THE HINDU group of publications
Wednesday, Jul 17, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jul 17, 2002 |
|
|
|
|
|
Industry & Economy
-
Small Savings Labour Ministry told to cut EPF rates Our Bureau
NEW DELHI, July 16 THE Finance Ministry today dashed the hopes of the Central Board of Trustees (CBT) on a higher rate of return on the Employees Provident Fund balances by saying that it had advised the Labour Ministry to fix the interest at 9 per cent for 2002-03. Only last week, the new Labour Minister, Mr Sahib Singh Verma, had said that he would move the Cabinet, if required, to retain the interest rate paid on EPF balances for 2002-03 at 9.5 per cent. The Finance Ministry's position was articulated by its Minister Mr Jaswant Singh who told Parliament on Tuesday that the Ministry's advice was based on consideration of prudent asset liability management, absence of risk capital reserve, anticipated decline in the income of the EPFO in a soft interest rate regime and a recommendation of an Expert Committee to benchmark the interest rate on EPF to the average secondary marketv yield on government securities.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|