The finance ministry had ratified 8.55 per cent rate of interest on EPF (Employees' Provident Fund) for the last fiscal. But it could not be implemented because of model code of conduct for Karnataka elections. The labour ministry had sought Election Commission's approval to notify rate of interest for crediting the same into members' accounts by the EPFO in view of model code of conduct for Karnataka elections.
The EPFO's Central Board of Trustees, headed by the labour minister, had decided to fix rate of interest at 8.55 per cent for the last fiscal in its meeting held on February 21, 2018. The labour ministry had sent the CBT's recommendation over the rate of interest to the finance ministry for its concurrence.
However, it could not be implemented for want of the finance ministry's concurrence and was further delayed due to model code of conduct for Karnataka polls on May 12.
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