Financial Daily from THE HINDU group of publications
Tuesday, Apr 08, 2003
Financial Daily from THE HINDU group of publications Tuesday, Apr 08, 2003 |
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Industry & Economy
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Small Savings Minister says report on EPF rate by month-end Our Bureau
HYDERABAD, April 7 EXPRESSING the Centre's interest to enhance compensation payable to workers on retrenchment, the Union Labour Minister, Mr Sahib Singh Verma, said that the expert panel to review interest rate for the Employees Provident Fund would submit its report by month-end. The Government will also enact a legislation that seeks to provide for social security to the 37-crore workers in the unorganised sector, he said addressing presspersons here. The report of the seven member expert committee set up to review the Employees Provident Fund will be considered by the Central Board of Trustees of EPF at its next meeting to finalise the strategy. The Centre was in favour of continuing the existing interest rate of 9.5 per cent but a decision will hinge on the returns from investments made by the EPF corpus. The expert committee, which included workers and employees, will review the functioning and suggest the rate structure that was proposed to be implemented without delay. The Union Minister stated that the Centre would take up a housing scheme for the three-crore EPF subscribers throughout the country. Towards this end, the Chief Ministers of all States were being consulted to evolve a plan of action to approach this project. While expressing the Government keenness to construct houses, Mr Verma said that the Centre was also planning to enhance the compensation payable to workers on retrenchment. This enhanced amount would work out to about a salary of 45 days instead of 30 days that they were currently entitled to for each year they worked. The Government was also studying the possibility of an employment scheme for the retrenched workers. The Government was also considering the possibility of enhancing the ceiling limit of the Employee State Insurance. Several meetings with trade unions and political parties have been convened to evolve a consensus to bring about an amendment to the Industrial Disputes Act and the State of Andhra Pradesh was among those who had proposed amendment to this enactment, the Minister said.
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