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Bonus compensates cut in EPF interest.
(From The Statesman (India))
STATESMAN NEWS SERVICE NEW DELHI, May 31. The interest rate on Employees Provident Fund remains 'unchanged' at 9. 5 per cent at least for the current financial year 2003-2004 despite a cut of 0.5 per cent interest. It was the genius of the Central Board of Trustees of the EPF with the active support of the labour minister, Mr Sahib Singh Verma who announced today a bonus of 0.5 per cent to the holders of the EPF to make for the cut in the interest rate of the same scale. Mr Verma said today that the EPF would incur an additional burden of Rs 500 crore for paying the bonus to employees contributing to the EPF in the golden jubilee year and this should not be a burden since the earnings are estimated to be more than ...
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- News wire article from: Asia Africa Intelligence Wire August 10, 2004 700+ words
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