The Madras High Court bench here has ruled that the EPFO cannot claim damages from employers for delayed payment of their contribution "if there is no intention to commit a prohibited act behind the delay.
Brushing aside apprehensions, retirement fund manager EPFO Wednesday said PF trusts set up by corporates can pay a higher interest rate of 9.5 percent for 2010-11 as they may also have surplus in their accounts.
Retirement fund manager EPFO`s key advisory body Finance and Investment Committee (FIC) has recommended 8.5 percent interest on provident fund deposits for 2010-11, the same return given to subscribers for the past five years.
Under pressure from employees`
representatives, a key advisory body of retirement fund
manager EPFO today rejected the Finance Ministry`s proposal to
invest 3 to 5 per cent of the Rs 2.57 lakh crore corpus in
If the Finance and Investment Committee of the EPFO, scheduled to meet here on December 1, takes a final call on investing a portion of its massive corpus in capital markets, as much as Rs 13,000 crore could flow into equities.
Assocham on Sunday urged the trustees of the Employee`s Provident Fund Organisation to favourably consider the Finance Ministry`s recommendation to allow EPFO to invest about 5 percent of its corpus in capital markets.