It is good news. The Minister for Labour & Employment Mallikarjun Kharge has assured the members of the Central Board of Trustees of the Employees Provident Fund organisation (EFPO) that he was discussing the issue of 9.5% interest for EPF with the Finance Minister  and hopes it will be settled soon.It may be recalled that the Finance Ministry was objecting to the increase in EPF interest from 8.5 to 9.5% for 2010-11 decided by the EPFO.Private employers have also been protesting that 9.5% can not be given.

The EPFO stated that there is sufficient fund to give 9.5% interest. Central Trade Unions have been continuously demanding to increase the interest to 9.5%.

Let us hope that the unnecessary difference be sorted out and the increased interest rate be implemented. CITU has already strongly demanded the same.