EPFO postpones trustees' meet to February 25

EPFO postpones trustees' meet to February 25 New Delhi: The meeting of Retirement fund body EPFO's apex decision making panel Central Board of Trustees' (CBT, where the rate of interest for its over 50 million subscribers for the current fiscal could be fixed, has been rescheduled for February 25.

"The Employees' Provident Fund Organisation's (EPFO) trustees' meeting has been rescheduled to February 25," a source said.

The CBT headed by the Labour Minister was to meet on February 15. This is the second time that the meeting is being rescheduled as earlier the trustees were to meet on January 15.

According to the source, the EPFO is likely to propose 8.5 percent rate of interest for its subscribers for 2012-13, higher than 8.25 provided in the previous financial year.

EPFO had reduced the rate of return of PF deposits for its subscribers for 2011-12 to 8.25 percent from 9.5 percent provided in 2010-11 after the body found an additional amount of around Rs 1,700 crore in its suspense account.

The sources also said the meeting of the EPFO's advisory body, Finance and Investment Committee (FIC), has been postponed to February 15 by a day.

PTI