New Delhi: After the Prime Minister and the Finance Minister's refusal to revise the interest rate on Employees Provident Fund (EPF), Labour Minister Chandrasekhar Rao said the government might do what the Left had been pressing for.
"There is no doubt that I will make efforts to get the rate enhanced to the best of my ability. Considering the amount of encouragement that you people have accorded and keeping all these inspirations in mind, I will try my best and will let you know about the success," Chandrasekhar said.
Every rupee in the EPF will be taken into account and if needed some rules might have to be changed, he said when asked about ways to mobilise additional resources.
The Minister said every account of the EPFO would be considered to find out how much money was available and added that it might take some time as some rules might have to be changed.
The PM had recently ruled out any budgetary support to retain EPF interest rate at 9.5 per cent as demanded by trade unions and some political parties, including Left parties supporting the UPA from outside.
CPM Politburo Member Sitaram Yechury said the Labour Minister's effort to urge the PM to reconsider the EPF rate is a welcome step. "We want the PM to reconsider this issue because this has got to do with lives of more than four crore employees," he added.
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