October 18, 2002 | 1624 IST
|
|
||
|
|
|
|
|
|
||
|
Home >
Money > Reuters > Report October 18, 2002 | 1624 IST |
Feedback
|
|
|
Govt to stick to 9.5% rate on provident fund
Labour Minister Sahib Singh Verma said on Friday his ministry would continue to offer a 9.5 per cent interest rate on the country's largest state-run pension fund, rejecting a finance ministry call to lower the rate. The finance ministry has been urging the trustees of the Employees Provident Fund to offer lower rates on member accounts in line with the government and the Reserve Bank of India's policy of softer rates. "There is no move to cut the current rate of interest of 9.5 per cent on EPF. It is going to stay," Verma told a news conference in New Delhi. The pension panel had earlier rejected the proposal to cut the rates, saying it would continue to offer a higher rate of 9.5 per cent because it had enough reserves and earnings. ALSO READ:
|
ADVERTISEMENT |
||||||||||||||
